Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-36367 | ||
Entity Registrant Name | OUTFRONT Media Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-4494703 | ||
Entity Address, Address Line One | 405 Lexington Avenue, 17th Floor | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10174 | ||
City Area Code | 212 | ||
Local Phone Number | 297-6400 | ||
Title of 12(b) Security | Common Stock, $0.01, par value | ||
Trading Symbol | OUT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Public Float | $ 3.7 | ||
Entity Common Stock, Shares Outstanding | 144,161,374 | ||
Entity Central Index Key | 0001579877 | ||
Entity Voluntary Filers | No |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 59.1 | $ 52.7 |
Restricted cash | 1.8 | 1.4 |
Receivables, less allowances of $12.1 in 2019 and $10.7 in 2018 | 290 | 264.9 |
Prepaid lease and franchise costs | 8.6 | 69.3 |
Prepaid MTA equipment deployment costs | 55.4 | 18.9 |
Other prepaid expenses | 15.8 | 13.9 |
Other current assets | 5.1 | 8.4 |
Total current assets | 435.8 | 429.5 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 666.2 | 652.9 |
Goodwill | 2,083.1 | 2,079.7 |
Intangible assets | 550.9 | 537.2 |
Operating lease assets | 1,457 | 0 |
Prepaid MTA equipment deployment costs | 116.1 | 60.6 |
Other assets | 73.2 | 68.8 |
Total assets | 5,382.3 | 3,828.7 |
Liabilities, Current [Abstract] | ||
Accounts payable | 67.9 | 56.5 |
Accrued compensation | 56.1 | 47.1 |
Accrued interest | 26.4 | 19.1 |
Accrued lease and franchise costs | 55.3 | 44.2 |
Other accrued expenses | 34.2 | 31.2 |
Deferred revenues | 29 | 29.8 |
Short-term debt | 195 | 160 |
Short-term operating lease liabilities | 168.3 | 0 |
Other current liabilities | 17.8 | 14.7 |
Total current liabilities | 650 | 402.6 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt, net | 2,222.1 | 2,149.6 |
Deferred income tax liabilities, net | 18 | 17 |
Asset retirement obligation | 35.1 | 34.2 |
Operating lease liabilities | 1,285.1 | 0 |
Other liabilities | 45.6 | 80 |
Total liabilities | 4,255.9 | 2,683.4 |
Commitments and contingencies | ||
Equity [Abstract] | ||
Common stock (2019 - 450.0 shares authorized, and 143.6 shares issued and outstanding; 2018 - 450.0 shares authorized, and 140.2 shares authorized, issued or outstanding) | 1.4 | 1.4 |
Additional paid-in capital | 2,074.7 | 1,995 |
Distribution in excess of earnings | (964.6) | (871.6) |
Accumulated other comprehensive loss | (17.7) | (22) |
Total stockholders’ equity | 1,093.8 | 1,102.8 |
Non-controlling interests | 32.6 | 42.5 |
Total equity | 1,126.4 | 1,145.3 |
Total liabilities and equity | $ 5,382.3 | $ 3,828.7 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for Receivables | $ 12.1 | $ 10.7 |
Common Stock, Shares Authorized (shares) | 450,000,000 | 450,000,000 |
Common Stock, Shares, Issued (shares) | 143,594,117 | 140,239,977 |
Common Stock, Outstanding (shares) | 143,594,117 | 140,239,977 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Revenues [Abstract] | |||||||||||||
Billboard | $ 1,189.9 | $ 1,112.4 | $ 1,059 | ||||||||||
Transit and other | 592.3 | 493.8 | 461.5 | ||||||||||
Total revenues | $ 488.1 | $ 462.5 | $ 459.9 | $ 371.7 | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | 1,782.2 | 1,606.2 | 1,520.5 | ||
Expenses: | |||||||||||||
Operating | 958.6 | 859.9 | 835.2 | ||||||||||
Selling, general and administrative | 323.5 | 287 | 261.7 | ||||||||||
Restructuring charges | 0.3 | 2.1 | 6.4 | ||||||||||
Net gain on dispositions | (0.8) | (1.9) | 0.4 | (1.5) | (1.3) | (1.3) | (2.7) | (0.2) | (3.8) | (5.5) | (14.3) | ||
Impairment charge | 0 | 0 | 42.9 | [1] | 0 | 0 | 42.9 | 0 | |||||
Depreciation | 22.4 | 22.4 | 21.4 | 21.1 | 22.5 | 21 | 21.3 | 21.1 | 87.3 | 85.9 | 89.7 | ||
Amortization | 26.2 | 28.7 | 27.6 | 24.7 | 25.8 | 25.8 | 25 | 22.5 | 107.2 | 99.1 | 100.1 | ||
Total expenses | 1,473.1 | 1,371.4 | 1,278.8 | ||||||||||
Operating income | 98 | 85.5 | 88.7 | 36.9 | 91.3 | 78.9 | 32.9 | 31.7 | 309.1 | 234.8 | 241.7 | ||
Interest expense, net | (134.9) | (125.7) | (116.9) | ||||||||||
Loss on extinguishment of debt | (28.5) | 0 | 0 | ||||||||||
Other income (expense), net | 0.1 | (0.4) | 0.3 | ||||||||||
Income before provision for income taxes and equity in earnings of investee companies | 145.8 | 108.7 | 125.1 | ||||||||||
Provision for income taxes | (10.9) | (4.9) | (4.1) | ||||||||||
Equity in earnings of investee companies, net of tax | 5.7 | 4.1 | 4.8 | ||||||||||
Net income before allocation to non-controlling interests | 140.6 | 107.9 | 125.8 | ||||||||||
Net income attributable to non-controlling interests | 0.5 | 0 | 0 | ||||||||||
Net income attributable to OUTFRONT Media Inc. | $ 45 | $ 38.7 | $ 50.3 | $ 6.1 | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 140.1 | $ 107.9 | $ 125.8 | ||
Net income per common share: | |||||||||||||
Basic ($ per share) | $ 0.31 | $ 0.27 | $ 0.35 | $ 0.04 | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.97 | $ 0.76 | $ 0.90 | ||
Diluted ($ per share) | $ 0.31 | $ 0.27 | $ 0.35 | $ 0.04 | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.97 | $ 0.75 | $ 0.90 | ||
Weighted average shares outstanding: | |||||||||||||
Basic (shares) | 142.5 | 139.3 | 138.5 | ||||||||||
Diluted (shares) | [2],[3] | 143.2 | 139.6 | 138.9 | |||||||||
[1] | As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets : Goodwill | ||||||||||||
[2] | The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019 , 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive. | ||||||||||||
[3] | On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019 , 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before allocation to non-controlling interests | $ 140.6 | $ 107.9 | $ 125.8 |
Net income attributable to non-controlling interests | 0.5 | 0 | 0 |
Net income attributable to OUTFRONT Media Inc. | 140.1 | 107.9 | 125.8 |
Other comprehensive income (loss), net of tax: | |||
Cumulative translation adjustments | 8.2 | (14.5) | 11.8 |
Net actuarial gain (loss) | (1.7) | 2.6 | (1) |
Change in fair value of interest rate swap agreements | (2.2) | (2.4) | 0 |
Total other comprehensive income (loss), net of tax | 4.3 | (14.3) | 10.8 |
Total comprehensive income | $ 144.4 | $ 93.6 | $ 136.6 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional paid-in capital | Distribution in excess of earnings | Accumulated Other Comprehensive Loss | Non-controlling interests | Acquired business | Acquired businessNon-controlling interests | At-the-market equity offering program | At-the-market equity offering programAdditional paid-in capital |
Shares of common stock (shares) at Dec. 31, 2016 | 138,000,000 | |||||||||
Total stockholders equity at Dec. 31, 2016 | $ 1,232.9 | $ 1.4 | $ 1,949.5 | $ (699.5) | $ (18.5) | |||||
Non-controlling interests at Dec. 31, 2016 | $ 0.1 | |||||||||
Total equity at Dec. 31, 2016 | 1,233 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income attributable to OUTFRONT Media Inc. | 125.8 | 125.8 | ||||||||
Net income attributable to non-controlling interests | 0 | |||||||||
Net income before allocation to non-controlling interests | 125.8 | |||||||||
Other comprehensive income (loss) | 10.8 | 10.8 | ||||||||
Other comprehensive income (loss) - total equity | 10.8 | |||||||||
Stock-based payments: Vested (shares) | 700,000 | |||||||||
Exercise of stock options (dollars) | 1.2 | 1.2 | ||||||||
Exercise of stock options (shares) | 200,000 | |||||||||
Stock-based payments: Amortization | 20.5 | 20.5 | ||||||||
Stock-based payments: Amortization | Adjustments for new accounting pronouncement | 0.5 | (0.5) | ||||||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||||||
Shares paid for tax withholding for stock-based payments (dollars) | (8.7) | (8.7) | ||||||||
Dividends | (201.4) | (201.4) | ||||||||
Shares of common stock (shares) at Dec. 31, 2017 | 138,600,000 | |||||||||
Total stockholders’ equity at Dec. 31, 2017 | 1,181.1 | $ 1.4 | 1,963 | (775.6) | (7.7) | |||||
Non-controlling interests at Dec. 31, 2017 | 45.5 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.8 | 0.8 | $ 44.6 | $ 44.6 | ||||||
Total equity at Dec. 31, 2017 | 1,226.6 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income attributable to OUTFRONT Media Inc. | 107.9 | 107.9 | ||||||||
Net income attributable to non-controlling interests | 0 | |||||||||
Net income before allocation to non-controlling interests | 107.9 | |||||||||
Other comprehensive income (loss) | (14.3) | (14.3) | ||||||||
Other comprehensive income (loss) - total equity | (14.3) | |||||||||
Stock-based payments: Vested (shares) | 1,000,000 | |||||||||
Stock-based payments: Amortization | 20.2 | 20.2 | ||||||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||||||
Shares paid for tax withholding for stock-based payments (dollars) | (8.4) | (8.4) | ||||||||
Class A equity interest redemptions (shares) | 200,000 | |||||||||
Class A equity interest redemptions (dollars) | 4.8 | 4.8 | ||||||||
Non-controlling interests: Class A equity interest redemptions (dollars) | (4.8) | |||||||||
Shares issued under the ATM Program (shares) | 700,000 | |||||||||
Shares issued under the ATM Program (dollars) | $ 15.3 | $ 15.3 | ||||||||
Dividends | (203.9) | (203.9) | ||||||||
Other | $ 0.1 | $ 0.1 | ||||||||
Shares of common stock (shares) at Dec. 31, 2018 | 140,239,977 | 140,200,000 | ||||||||
Total stockholders’ equity at Dec. 31, 2018 | $ 1,102.8 | $ 1.4 | 1,995 | (871.6) | (22) | |||||
Non-controlling interests at Dec. 31, 2018 | 42.5 | 42.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.8 | |||||||||
Stockholders' Equity, Other | 1.9 | |||||||||
Total equity at Dec. 31, 2018 | 1,145.3 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cumulative effect of a new accounting standard | (24.8) | (24.8) | ||||||||
Net income attributable to OUTFRONT Media Inc. | 140.1 | 140.1 | ||||||||
Net income attributable to non-controlling interests | 0.5 | |||||||||
Net income before allocation to non-controlling interests | 140.6 | |||||||||
Other comprehensive income (loss) | 4.3 | 4.3 | ||||||||
Other comprehensive income (loss) - total equity | 4.3 | |||||||||
Stock-based payments: Vested (shares) | 1,000,000 | |||||||||
Stock-based payments: Amortization | 22.3 | 22.3 | ||||||||
Shares paid for tax withholding for stock-based payments (shares) | (400,000) | |||||||||
Shares paid for tax withholding for stock-based payments (dollars) | (7.9) | (7.9) | ||||||||
Class A equity interest redemptions (shares) | 600,000 | |||||||||
Class A equity interest redemptions (dollars) | $ 14.3 | 14.3 | ||||||||
Non-controlling interests: Class A equity interest redemptions (dollars) | (14.3) | |||||||||
Shares issued under the ATM Program (shares) | 8,526 | 2,200,000 | 2,150,000 | |||||||
Shares issued under the ATM Program (dollars) | $ 50.8 | $ 50.8 | ||||||||
Dividends | $ (208.3) | (208.3) | ||||||||
Other | $ 0.2 | 0.2 | ||||||||
Shares of common stock (shares) at Dec. 31, 2019 | 143,594,117 | 143,600,000 | ||||||||
Total stockholders’ equity at Dec. 31, 2019 | $ 1,093.8 | $ 1.4 | $ 2,074.7 | $ (964.6) | $ (17.7) | |||||
Non-controlling interests at Dec. 31, 2019 | 32.6 | 32.6 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | $ 3.9 | |||||||||
Stockholders' Equity, Other | 4.1 | |||||||||
Total equity at Dec. 31, 2019 | $ 1,126.4 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value per share ($ per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share ($ per share) | $ 1.44 | $ 1.44 | $ 1.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net income attributable to OUTFRONT Media Inc. | $ 140.1 | $ 107.9 | $ 125.8 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | |||
Net income attributable to non-controlling interests | 0.5 | 0 | 0 |
Depreciation and amortization | 194.5 | 185 | 189.8 |
Deferred tax (benefit) provision | 0.2 | (0.4) | (4.9) |
Stock-based compensation | 22.3 | 20.2 | 20.5 |
Provision for doubtful accounts | 5.3 | 1.9 | 4.4 |
Accretion expense | 2.5 | 2.4 | 2.3 |
Net gain on dispositions | (3.8) | (5.5) | (14.3) |
Impairment charge | 0 | 42.9 | 0 |
Loss on extinguishment of debt | 28.5 | 0 | 0 |
Equity in earnings of investee companies, net of tax | (5.7) | (4.1) | (4.8) |
Distributions from investee companies | 4.9 | 3 | 7.3 |
Amortization of deferred financing costs and debt discount and premium | 7.9 | 5.7 | 6.1 |
Cash paid for direct lease acquisition costs | (47.1) | (41.3) | (39.2) |
Change in assets and liabilities, net of investing and financing activities | |||
Increase in receivables | (29.5) | (37.2) | (9.5) |
Increase in prepaid MTA equipment deployment costs | (92) | (74.8) | (4.7) |
(Increase) decrease in prepaid expenses and other current assets | 3.5 | (0.2) | 0.2 |
Increase (decrease) in accounts payable and accrued expenses | 36.3 | 21.7 | (31.9) |
Increase in operating lease assets and liabilities | 6.7 | 0 | 0 |
Increase (decrease) in deferred revenues | (0.8) | 8.5 | 0.8 |
Increase (decrease) in income taxes | 0.2 | (3.1) | 2.1 |
Other, net | 2.4 | (18.3) | (0.7) |
Net cash flow provided by operating activities | 276.9 | 214.3 | 249.3 |
Investing Activities: | |||
Capital expenditures | (89.9) | (82.3) | (70.8) |
Acquisitions | (69.7) | (7) | (69.2) |
MTA franchise rights | (24) | (13.3) | (0.9) |
Proceeds from dispositions | 5.8 | 7.9 | 5.6 |
Return of investment in investee companies | 1.5 | 4.3 | 0 |
Net cash flow used for investing activities | (176.3) | (90.4) | (135.3) |
Financing Activities | |||
Proceeds from long-term debt borrowings | 1,270 | 104 | 8.3 |
Repayments of long-term debt borrowings | (1,191.5) | (104) | 0 |
Proceeds from borrowings under short-term debt facilities | 505 | 245 | 250 |
Repayments of borrowings under short-term debt facilities | (470) | (165) | (170) |
Payments of deferred financing costs | (22.1) | (0.3) | (8.5) |
Payments of debt extinguishment charges | (20.6) | 0 | 0 |
Proceeds from shares issued under the ATM Program | 50.9 | 15.3 | 0 |
Proceeds from stock option exercises | 0 | 0 | 1.2 |
Earnout payment related to prior acquisition | 0 | (0.4) | (2) |
Taxes withheld for stock-based compensation | (7.9) | (8.4) | (8.5) |
Dividends | (208.1) | (203.9) | (201.8) |
Other | 0 | 0 | (0.2) |
Net cash flow used for financing activities | (94.3) | (117.7) | (131.5) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.5 | (0.4) | 0.6 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 6.8 | 5.8 | (16.9) |
Cash, cash equivalents and restricted cash at beginning of year | 54.1 | 48.3 | 65.2 |
Cash, cash equivalents and restricted cash at end of year | 60.9 | 54.1 | 48.3 |
Supplemental disclosure of cash flow information | |||
Cash paid for income taxes | 10.5 | 8.4 | 6.8 |
Cash paid for interest | 121.5 | 117.5 | 111 |
Non-cash investing and financing activities | |||
Accrued purchases of property and equipment | 7.7 | 5.8 | 9.5 |
MTA franchise rights | 4 | 1.4 | 0 |
Issuance of shares of a subsidiary for an acquisition | 0 | 0 | 44.6 |
Acquisitions | 0 | 0 | (13.3) |
Dispositions | $ 0 | $ 0 | $ 13.3 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. In total, we have displays in all of the 25 largest markets in the U.S. and 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented. Certain previously reported amounts have been reclassified to conform with the current 2018 presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation— The consolidated financial statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50% , without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated. Cash and Cash Equivalents and Restricted Cash —Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash. Receivables —Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. New York Metropolitan Transportation Authority (the “MTA”) Agreement— Under the MTA Agreement, as title of the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period. Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service. Business Combinations and Asset Acquisitions —We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years . Hedging Activities —We utilize interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. These interest rate swaps have been designated and qualify as cash flow hedges and, as a result, changes in the fair value of these swaps are recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income. Revenue Recognition —We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other. Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term. Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period. Other revenues are derived primarily from (i) providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period. Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations, are allocated primarily based on a relative standalone selling price basis. Deferred revenues primarily consist of revenues paid in advance of being earned. Concentration of Credit Risk— In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, on the Consolidated Statements of Operations. Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Asset Retirement Obligation —An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. Adoption of New Accounting Standards Leases In the first quarter of 2019, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the modified retrospective transition method to adopt the new lease standard. The modified retrospective transition method allows entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases regardless of their classification. We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions. At adoption, we had approximately 23,600 lease agreements as lessee, all of which were classified as operating leases. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. As a result of the adoption of this standard, we also recorded a cumulative-effect adjustment of $24.8 million to beginning Distribution in excess of earnings on the Consolidated Statement of Equity for lease costs which would have been recognized in prior periods as a result of the change in the lease term. Under the new guidance, lessors account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Adoption of this guidance did not have a material effect on our consolidated financial statements. Recent Pronouncements In April 2015 (updated in August 2018), the FASB updated their guidance for evaluating and determining when a cloud computing arrangement (hosting arrangement) includes a software license. The new guidance is effective for annual and interim periods beginning after December 15, 2019. We do not expect this guidance to have a material effect on our consolidated financial statements. In June 2016 (updated in May 2019 and November 2019), the FASB issued guidance which requires a reporting entity to estimate credit losses on certain types of financial instruments, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The new guidance is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. We do not expect this guidance to have a material effect on our consolidated financial statements. In December 2019, the FASB issued guidance simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes . The new guidance is effective for annual and interim periods beginning after December 15, 2020. We do not expect this guidance to have a material effect on our consolidated financial statements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | Restricted Cash In 2018, we entered into an escrow agreement in connection with one of our transit franchise contracts, which requires us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract. As of December 31, 2019 , we have $1.8 million of restricted cash deposited in the escrow account. As of (in millions) December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents $ 59.1 $ 52.7 $ 48.3 Restricted cash 1.8 1.4 — Cash, cash equivalents and restricted cash $ 60.9 $ 54.1 $ 48.3 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Effective January 1, 2019, we adopted the FASB’s guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the transition method to adopt the new lease standard. See Note 2. Summary of Significant Accounting Policies: Adoption of New Accounting Standards . Lessee We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts. Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment. We rent or sublease certain real estate to third parties. As of December 31, 2019 , we have operating lease assets of $1.5 billion , short-term operating lease liabilities of $168.3 million and non-current operating lease liabilities of $1.3 billion . In 2019 , we recorded operating lease costs of $406.8 million in Operating expenses and $8.6 million in Selling, general and administrative expenses. In 2019 , these costs include $93.0 million of variable operating lease costs. In 2019 , sublease income was immaterial. As of December 31, 2019 , minimum rental payments under operating leases are as follows: (in millions) Operating Leases 2020 $ 248.9 2021 251.4 2022 232.6 2023 209.6 2024 175.6 2025 and thereafter 910.5 Total operating lease payments 2,028.6 Less: Interest 575.2 Present value of lease liabilities $ 1,453.4 As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows: (in millions) Non-Cancellable Operating Leases 2019 $ 154.8 2020 151.8 2021 139.1 2022 126.2 2023 109.8 2024 and thereafter 574.6 Total minimum payments $ 1,256.3 Rent expense was $393.6 million in 2018 and $377.7 million in 2017, including contingent rent amounts of $91.0 million in 2018 and $84.7 million in 2017. As of December 31, 2019 , the weighted-average remaining lease term was 10.3 years and the weighted-average discount rate was 6.0% . In 2019 , cash paid for operating leases was $402.9 million . Leased assets obtained in exchange for new operating lease liabilities was $421.0 million . Lessor Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net ) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard. We recorded rental income of $1,149.8 million in 2019 in Revenues on our Consolidated Statement of Operations. As of December 31, 2019 , rental payments to be received under non-cancellable operating leases are as follows: (in millions) Rental Income 2020 $ 495.5 2021 31.5 2022 8.6 2023 4.3 2024 3.0 2025 and thereafter 0.9 Total minimum payments $ 543.8 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net The table below presents the balances of major classes of assets and accumulated depreciation. As of December 31, (in millions) 2019 2018 Land $ 98.8 $ 97.5 Buildings and improvements 50.4 48.7 Advertising structures 1,866.1 1,789.4 Furniture, equipment and other 153.1 134.3 Construction in progress 25.4 19.3 2,193.8 2,089.2 Less accumulated depreciation 1,527.6 1,436.3 Property and equipment, net $ 666.2 $ 652.9 Depreciation expense was $87.3 million in 2019 , $85.9 million in 2018 and $89.7 million in 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and Other Intangible Assets Goodwill For the years ended December 31, 2019 and 2018 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total As of December 31, 2017 $ 2,054.0 $ 74.0 $ 2,128.0 Currency translation adjustments — (5.4 ) (5.4 ) Impairment — (42.9 ) (42.9 ) As of December 31, 2018 2,054.0 25.7 2,079.7 Currency translation adjustments — 3.4 3.4 As of December 31, 2019 $ 2,054.0 $ 29.1 $ 2,083.1 In the fourth quarter of 2019, we performed a qualitative assessment of our reporting units for possible goodwill impairment. Upon assessment, no goodwill impairment was identified. In the second quarter of 2018, our Canadian reporting unit did not meet revenue expectations and pacing reflected a decline as compared to the 2018 forecast due to the underperformance of our static poster assets and digital displays. As a result, we determined that there was a decline in the outlook for our Canadian reporting unit. This determination constituted a triggering event, requiring an interim goodwill impairment analysis of our Canadian reporting unit. As a result of the impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations. Other Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of December 31, 2019: Permits and leasehold agreements $ 1,153.3 $ (735.7 ) $ 417.6 Franchise agreements 497.4 (371.1 ) 126.3 Other intangible assets 47.1 (40.1 ) 7.0 Total intangible assets $ 1,697.8 $ (1,146.9 ) $ 550.9 As of December 31, 2018: Permits and leasehold agreements (a) $ 1,107.4 $ (697.6 ) $ 409.8 Franchise agreements 470.7 (357.1 ) 113.6 Other intangible assets (a) 46.9 (33.1 ) 13.8 Total intangible assets $ 1,625.0 $ (1,087.8 ) $ 537.2 (a) Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements). All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $107.2 million in 2019 , $99.1 million in 2018 and $100.1 million in 2017 , which includes the amortization of direct lease acquisition costs of $48.2 million in 2019 , $43.2 million in 2018 and $40.0 million in 2017 . Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2020 through 2024 , to be as follows: (in millions) 2020 2021 2022 2023 2024 Amortization expense $ 58.7 $ 56.8 $ 51.5 $ 49.7 $ 47.4 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years . The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. Year Ended December 31, (in millions) 2019 2018 Balance, at beginning of period $ 34.2 $ 34.7 Accretion expense 2.5 2.4 Additions 0.3 0.2 Liabilities settled (2.1 ) (2.7 ) Foreign currency translation adjustments 0.2 (0.4 ) Balance, at end of period $ 35.1 $ 34.2 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Joint Ventures We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and five joint ventures which operate a total of 11 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $15.4 million as of December 31, 2019 , and $16.1 million as of December 31, 2018 , and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $8.4 million in 2019 , $7.8 million in 2018 and $7.4 million in 2017 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt, net, consists of the following: As of (in millions, except percentages) December 31, 2019 December 31, Short-term debt: AR Facility $ 105.0 $ 85.0 Repurchase Facility 90.0 75.0 Total short-term debt 195.0 160.0 Long-term debt: Term loan 597.5 668.1 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 — 549.7 5.625% senior unsecured notes, due 2024 501.7 502.2 5.875% senior unsecured notes, due 2025 — 450.0 5.000% senior unsecured notes, due 2027 650.0 — 4.625% senior unsecured notes, due 2030 500.0 — Total senior unsecured notes 1,651.7 1,501.9 Debt issuance costs (27.1 ) (20.4 ) Total long-term debt, net 2,222.1 2,149.6 Total debt, net $ 2,417.1 $ 2,309.6 Weighted average cost of debt 4.5 % 5.1 % On November 18, 2019, the Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (together with Finance LLC, the “Borrowers”), and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to its credit agreement and its related security agreement, each dated January 31, 2014 (together, and as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”). The Amendment provides for, among other things, (i) the extension of the maturity date of the Borrowers’ existing revolving credit facility (the “Revolving Credit Facility”) from March 16, 2022 , to November 18, 2024 , (ii) the extension of the maturity date of the Borrowers’ existing term loan (the “Term Loan”) from March 16, 2024 , to November 18, 2026 , (iii) an increase to the borrowing capacity under the Revolving Credit Facility by $70.0 million to $500.0 million , (iv) a decrease to the outstanding principal balance of the Term Loan, using cash on hand, to $600.0 million , (v) a reduction in the interest rate margins applicable to the Borrowers under the Term Loan from 1.00% to 0.75% , in the case of base rate borrowings, and from 2.00% to 1.75% , in the case of London Interbank Offered Rate (“LIBOR”) borrowings, (vi) a reduction in the interest rate margins applicable to the Borrowers under the Revolving Credit Facility from a range of 1.25% to 1.00% to a range of 0.75% to 0.25% , in the case of base rate borrowings, and from a range of 2.25% to 2.00% to 1.75% to 1.25% , in the case of LIBOR borrowings, in each case, based on the Borrowers’ leverage ratio, and (vii) revisions to certain provisions of the Credit Agreement to, among other things, update covenants for greater operational and financial flexibility to the Company (including incurrence of additional indebtedness and liens). Term Loan The interest rate on the Term Loan was 3.5% per annum as of December 31, 2019 . As of December 31, 2019 , a discount of $2.5 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Revolving Credit Facility As of December 31, 2019 , there were no outstanding borrowings under the Revolving Credit Facility. As of February 25, 2020 , there were $25.0 million of outstanding borrowings under the Revolving Credit Facility at a borrowing rate of approximately 3.4% . The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.6 million in 2019 , $1.4 million in 2018 and $1.5 million in 2017 . As of December 31, 2019 , we had issued letters of credit totaling approximately $1.6 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities In the fourth quarter of 2019, we decreased our letter of credit facilities from $150.0 million to $78.0 million . As of December 31, 2019 , we had issued letters of credit totaling approximately $70.9 million under our aggregate $78.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2019 , 2018 and 2017 , were immaterial. Accounts Receivable Securitization Facilities As of December 31, 2019, we have $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended. On July 19, 2019, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s taxable REIT subsidiaries (“TRSs”) as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million , (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million , (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity. In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility. In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility. As of December 31, 2019 , there were $105.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.7% , and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing of approximately 2.9% . As of December 31, 2019 , borrowing capacity remaining under the AR Facility was $20.0 million , based on approximately $304.7 million of accounts receivable used as collateral for the AR Securitization Facilities, and there was no borrowing capacity remaining under the Repurchase Facility, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial in 2019 and 2018 . Senior Unsecured Notes On July 15, 2019 , we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”) to, among other things, redeem all of our outstanding 5.250% Senior Unsecured Notes due 2022 (the “2022 Notes”), pay accrued and unpaid interest on the 2022 Notes, and pay fees and expenses in connection with the 2022 Notes redemption. In the third quarter of 2019, we recorded a Loss on extinguishment of debt of $11.0 million relating to the 2022 Notes on the Consolidated Statement of Operations. On November 18, 2019, the Borrowers issued $500.0 million aggregate principal amount of 4.625% Senior Unsecured Notes due 2030 (the “2030 Notes”) in a private placement. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2030 Notes is payable on March 15 and September 15 of each year, commencing on March 15, 2020 . On or after March 15, 2025, the Borrowers may redeem at any time, or from time to time, some or all of the 2030 Notes. Prior to such date, the Borrowers may redeem up to 40% of the aggregate principal amount of the aggregate principal amount with the proceeds of certain equity offerings, provided that at least 50% of the aggregate principal amount of the Notes remain outstanding after the redemption. On December 18, 2019 , we used the net proceeds from the issuance of the 2030 Notes to, among other things, redeem all of our outstanding 2025 Notes, pay accrued and unpaid interest on the 2025 Notes, and pay fees and expenses in connection with the 2025 Notes redemption. In the fourth quarter of 2019, we recorded a Loss on extinguishment of debt of $17.5 million relating to the 2025 Notes on the Consolidated Statement of Operations. As of December 31, 2019 , a premium of $1.7 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes, due 2024 , remains unamortized. The premium is being amortized through Interest expense, net , on the Consolidated Statement of Operations. Debt Covenants The Credit Agreement, the agreements governing the AR Securitization Facilities, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0 . As of December 31, 2019 , our Consolidated Net Secured Leverage Ratio was 1.2 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2019 , our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of December 31, 2019 , we are in compliance with our debt covenants. Deferred Financing Costs As of December 31, 2019 , we had deferred $36.2 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. Interest Rate Swap Agreements We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of $4.6 million as of December 31, 2019 , and $2.4 million as of December 31, 2018 , and is included in Other liabilities on our Consolidated Statement of Financial Position. As of December 31, 2019 , under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million , under a weighted-average fixed interest rate of 2.7% , with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022 . The one-month LIBOR rate was approximately 1.8% as of December 31, 2019 . Fair Value Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.5 billion as of December 31, 2019 and $2.3 billion as of December 31, 2018 . The fair value of our debt as of both December 31, 2019 and 2018 is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $4.6 million as of December 31, 2019 , and $2.4 million as of December 31, 2018 . The aggregate fair value of our interest rate cash flow swap agreements as of both December 31, 2019 and 2018 , is classified as Level 2. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Loss on Interest Rate Cash Flow Swaps Accumulated Other Comprehensive Loss As of December 31, 2016 $ (9.9 ) $ (8.6 ) $ — $ (18.5 ) Other comprehensive income (loss) before reclassifications 11.8 (1.4 ) — 10.4 Amortization of actuarial losses reclassified to net income (a) — 0.4 — 0.4 Total other comprehensive income (loss), net of tax 11.8 (1.0 ) — 10.8 As of December 31, 2017 1.9 (9.6 ) — (7.7 ) Other comprehensive income (loss) before reclassifications (14.5 ) 1.9 (2.4 ) (15.0 ) Amortization of actuarial losses reclassified to net income (a) — 0.7 — 0.7 Total other comprehensive income, net of tax (14.5 ) 2.6 (2.4 ) (14.3 ) As of December 31, 2018 (12.6 ) (7.0 ) (2.4 ) (22.0 ) Other comprehensive income (loss) before reclassifications 8.2 (2.0 ) (2.2 ) 4.0 Amortization of actuarial losses reclassified to net income (a) — 0.3 — 0.3 Total other comprehensive income (loss), net of tax 8.2 (1.7 ) (2.2 ) 4.3 As of December 31, 2019 $ (4.4 ) $ (8.7 ) $ (4.6 ) $ (17.7 ) (a) See Note 16. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income. Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax benefit of $0.6 million in 2019, a tax provision of $1.0 million in 2018 and a tax benefit of $0.3 million in 2017. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity As of December 31, 2019 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 143,594,117 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding. On June 13, 2017, certain subsidiaries of OUTFRONT Media Inc. acquired the equity interests of certain subsidiaries of All Vision LLC (“All Vision”), which hold substantially all of All Vision’s outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”) (see Note 14. Acquisitions to the Consolidated Financial Statement s ). In connection with the Transaction, the Company issued 1,953,407 shares of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”). The Class A equity interests are entitled to receive priority cash distributions from Outfront Canada at the same time and in the same per share amount as the dividends paid on shares of the Company’s common stock. The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability. During 2019 , we made distributions of $1.9 million to holders of the Class A equity interests, which are recorded in Dividends on our Consolidated Statements of Equity and Consolidated Statements of Cash Flows. As of December 31, 2019 , 834,727 Class A equity interests have been redeemed for shares of the Company’s common stock. In 2019, we issued 8,526 shares of our common stock under the Outfront Media Inc. Amended and Restated Omnibus Stock Incentive Plan, valued at $0.2 million , to a consultant for services rendered. We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million . We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. In 2019 , 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million , for total net proceeds of $51.2 million . As of December 31, 2019 , we had $232.5 million of capacity remaining under the ATM Program. On February 25, 2020 , we announced that our board of directors approved a quarterly cash dividend of $0.38 per share on our common stock, payable on March 31, 2020 , to stockholders of record at the close of business on March 6, 2020 . |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues We do not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, which primarily represent the transaction price allocated to the remaining display period for unsatisfied transit franchise contracts. Unsatisfied performance obligations with an original expected term of over one year relate to multi-year marketing and multimedia rights agreements with customers of our Sports Marketing operating segment, the value of which is $86.9 million as of December 31, 2019 , are expected to be satisfied over the next 5 years . For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). Except for an insignificant number of smaller sports marketing contracts, we are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators, educational institutions and suppliers are recorded as expenses. We are considered the principal because we control the advertising space and multi-media rights before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions. The following table summarizes revenues by source: Years Ended December 31, (in millions) 2019 2018 2017 Billboard: Static displays $ 894.1 $ 858.1 $ 839.7 Digital displays 252.7 216.1 173.7 Other 43.1 38.2 45.6 Billboard revenues 1,189.9 1,112.4 1,059.0 Transit: Static displays 370.7 339.9 339.5 Digital displays 112.4 59.6 45.3 Other 43.5 39.5 35.9 Total transit revenues 526.6 439.0 420.7 Sports marketing and other 65.7 54.8 40.8 Transit and other revenues 592.3 493.8 461.5 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 Rental income was $1,149.8 million in 2019 , $1,076.9 million in 2018 and $1,001.8 million in 2017 , and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography: Years Ended December 31, (in millions) 2019 2018 2017 United States: Billboard $ 1,114.9 $ 1,040.8 $ 997.9 Transit and other 513.8 426.0 408.6 Sports marketing and other 65.7 54.8 40.8 Total United States revenues 1,694.4 1,521.6 1,447.3 Canada 87.8 84.6 73.2 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 Our revenues are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control. Contract Costs and Balances Variable sales commission costs directly associated with billboard display revenues are considered direct lease acquisition costs in accordance with the lease accounting standard and are capitalized and amortized on a straight-line basis over the related customer lease term (see Note 6. Goodwill and Other Intangible Assets to the Consolidated Financial Statements). Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. Variable sales commission costs which are directly associated with transit display and other revenues are included in Selling, general, and administrative expenses on the Consolidated Statement of Operations, and are expensed as incurred since the amortization period of the asset would have been less than one year. Amounts to be collected from customers for revenues recognized in previous periods are included in Receivables, less allowance , on the Consolidated Statement of Financial Position. Amounts collected from customers for revenues to be recognized in future periods are included in Deferred revenues on the Consolidated Statement of Financial Position. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2018, during the three months ended March 31, 2019. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In 2019 , we recorded restructuring charges of $0.3 million associated with the elimination of a corporate management position. In 2018, we recorded restructuring charges of $2.1 million , of which $0.9 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments, $0.8 million was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team and $0.4 million was recorded in Corporate for severance charges associated with the elimination of a corporate management position. In 2017, we recorded restructuring charges of $6.4 million , of which $4.1 million was recorded in Other for severance charges primarily associated with the Transaction and $2.3 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of December 31, 2019 , $0.4 million in restructuring reserves remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisitions In connection with the Transaction, in 2017, the Company paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million , or 1,953,407 shares, of Class A equity interests of Outfront Canada. The issued Class A equity interests of Outfront Canada are redeemable non-controlling interests and are included in Non-controlling interests on our Consolidated Statement of Financial Position based on actual foreign currency exchange rates on the closing date of the Transaction compared to the negotiated foreign currency exchange rate used in the valuation described above. The allocation of the purchase price of approximately $94.4 million is based on management’s estimate of the fair value of the assets acquired and liabilities assumed on the closing date of the Transaction, which was $68.0 million of identified intangible assets, $34.3 million of goodwill, $17.0 million of deferred tax liabilities and $9.1 million of other assets and liabilities (primarily property and equipment). We completed several acquisitions for a total purchase price of approximately $69.7 million in 2019 , $7.0 million in 2018 and $113.8 million in 2017 (including the Transaction). In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million . As of December 31, 2019 , we have completed this acquisition except with respect to four digital displays, which we expect to acquire in 2020 for an estimated purchase price of $9.2 million , subject to customary closing conditions and the timing of site development. In the first quarter of 2019, we entered into an agreement to acquire eight digital billboard displays in Atlanta, Georgia, for an aggregate purchase price of $24.0 million . In connection with the execution of the agreement and a subsequent amendment, we paid a deposit of $5.0 million to an escrow agent, which is included in Other assets on our Consolidated Statement of Financial Position, and in the third quarter of 2019, we paid a deposit of $14.0 million to an escrow account, which is also included in Other assets on our Consolidated Statement of Financial Position. We completed this transaction in the first quarter of 2020. Asset Swap On July 1, 2017, in exchange for static billboards in four non-metropolitan market clusters, we acquired digital billboards in the Boston, Massachusetts, DMA and $3.2 million in cash, which resulted in a pre-tax gain of $14.1 million |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Effective as of June 10, 2019, we amended the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”) to, among other things, increase the number of shares of our common stock reserved for issuance under our prior plan by 5,100,000 shares, so that the aggregate number of shares reserved for issuance under the Stock Plan is 13,100,000 shares of our common stock. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan. RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are recorded as incurred. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. The following table summarizes our stock-based compensation expense for 2019 , 2018 and 2017 . Year Ended December 31, (in millions) 2019 2018 2017 RSUs and PRSUs $ 22.3 $ 20.2 $ 20.3 Stock options — — 0.2 Stock-based compensation expense, before income taxes 22.3 20.2 20.5 Tax benefit (1.5 ) (1.3 ) (2.0 ) Stock-based compensation expense, net of tax $ 20.8 $ 18.9 $ 18.5 As of December 31, 2019 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $23.6 million , which is expected to be recognized over a weighted average period of 1.8 years . RSUs and PRSUs The following table summarizes the 2019 activity of the RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2018 1,723,980 $ 22.39 Granted: RSUs 853,965 21.73 PRSUs 376,418 21.41 Vested: RSUs (602,181 ) 22.05 PRSUs (246,542 ) 21.99 Forfeitures: RSUs (69,122 ) 22.00 PRSUs (11,750 ) 21.77 Non-vested as of December 31, 2019 2,024,768 22.09 The total fair value of RSUs and PRSUs that vested was $18.3 million during 2019 , $19.2 million during 2018 and $20.0 million during 2017 . Stock Options Stock options vest over a four-year service period and expire eight or ten years from the date of grant. Forfeitures of stock options are recorded as incurred. The following table summarizes the activity of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2018 141,847 $ 23.08 Exercised (15,319 ) 10.78 Outstanding as of December 31, 2019 126,528 24.57 Exercisable as of December 31, 2019 126,528 24.57 The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2019 2018 2017 Tax benefit of stock option exercises $ — $ — $ 0.1 Intrinsic value of stock option exercises 0.1 0.4 2.1 The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2019 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $10 to 14.99 13,169 0.15 $ 13.68 13,169 $ 13.68 $20 to 24.99 9,946 1.12 20.07 9,946 20.07 $25 to 29.99 103,413 1.72 26.39 103,413 26.39 126,528 126,528 Stock options outstanding as of December 31, 2019 , have a weighted average remaining contractual life of 1.46 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of our common stock of $26.82 , was $0.3 million . Stock options exercisable as of December 31, 2019 , have a weighted average remaining contractual life of 1.46 years and the total intrinsic value for “in-the-money” exercisable options was $0.3 million . |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits We sponsor two defined benefit pension plans covering specific groups of employees in Canada and the U.S. The benefits for the pension plan in Canada are based primarily on an employee’s years of service and an average of the employee’s highest five years of earnings. Participating employees in the pension plan in Canada are vested after two years of service or immediately, depending on the province of their employment. We fund the pension plan in Canada in accordance with the rules and regulations of the Pension Benefits Act of the Province of Ontario, Canada. Canada pension plan assets consist principally of equity securities, corporate and government related securities, and insurance contracts. We are in the process of closing the Pension Plan for the employees of Outfront Media Canada LP (the “Plan”). Employees who are no longer accruing pensionable service under the Plan will be entitled to enhanced Defined Contribution Plan benefits. As of April 1, 2020, the Plan will be closed to most new employees. In addition, effective April 1, 2020, the Plan will be frozen to any future benefit accruals for most employees. However, certain members of the Plan will continue in pensionable service for a yet to be determined period. We expect to complete freezing the Plan in 2022 . The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. We use a December 31 measurement date for all pension plans. The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2019 2018 2017 Benefit obligation, beginning of year $ 49.9 $ 57.8 $ 48.3 Service cost 1.7 1.8 1.6 Interest cost 2.1 2.0 2.0 Actuarial (gain) loss 8.8 (5.6 ) 3.7 Benefits paid (2.6 ) (2.0 ) (1.4 ) Cumulative translation adjustments 2.2 (4.1 ) 3.6 Benefit obligation, end of year $ 62.1 $ 49.9 $ 57.8 The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2019 2018 Fair value of plan assets, beginning of year $ 47.5 $ 52.3 Actual return on plan assets 8.8 (0.9 ) Employer contributions 1.5 2.0 Benefits paid (2.6 ) (2.0 ) Cumulative translation adjustments 2.1 (3.9 ) Fair value of plan assets, end of year $ 57.3 $ 47.5 The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2019 2018 Unfunded status, end of year $ (4.7 ) $ (2.4 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (4.7 ) (2.4 ) Net amounts recognized (4.7 ) (2.4 ) The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2019 2018 Net actuarial loss $ (11.6 ) $ (9.3 ) Deferred income taxes 2.9 2.3 Net amount recognized in accumulated other comprehensive loss $ (8.7 ) $ (7.0 ) The accumulated benefit obligation for the defined benefit pension plans was $57.6 million as of December 31, 2019 , and $46.9 million as of December 31, 2018 . The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2019 2018 Projected benefit obligation $ 62.1 $ 49.9 Accumulated benefit obligation 57.6 46.9 Fair value of plan assets 57.3 47.5 The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2019 2018 2017 Service cost $ 1.7 $ 1.8 $ 1.6 Interest cost 2.1 2.0 2.0 Expected return on plan assets (2.4 ) (2.6 ) (2.3 ) Amortization of actuarial losses (a) 0.4 0.7 0.6 Amortization of transitional obligation — — (0.1 ) Settlement cost — 0.1 — Net periodic pension cost $ 1.8 $ 2.0 $ 1.8 (in millions) Year Ended December 31, 2019 Actuarial gains $ (2.3 ) Amortization of actuarial losses (a) 0.4 Cumulative translation adjustments (0.4 ) (2.3 ) Deferred income taxes 0.6 Recognized in other comprehensive income, net of tax $ (1.7 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.4 million , will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2020 . As of and for the Year Ended December 31, 2019 2018 Weighted average assumptions used to determine benefit obligations: Discount rate 3.0 % 4.0 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 4.0 3.5 Expected long-term return on plan assets 5.0 5.1 Rate of compensation increase 3.0 3.0 For each pension plan, the discount rate is determined based on the yield on portfolios of high quality bonds, constructed to provide cash flows necessary to meet the expected future benefit payments, as determined for the projected benefit obligation. The expected return on plan assets assumption was derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. Plan Assets Our plan assets are included in a trust in Canada and a trust in the U.S. The asset allocations of these trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. As of December 31, 2019 , we invested approximately 32% in fixed income instruments, 60% in equity instruments, and the remainder in cash, cash equivalents and insurance contracts. The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2019 and 2018 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2019 (in millions) Level 1 Level 2 Level 3 Total Fixed income securities: Corporate bonds (a) $ 0.8 $ — $ — $ 0.8 Equity securities : U.S. equity 0.8 — — 0.8 International equity 0.3 — — 0.3 Insurance contracts — — 3.7 3.7 Total assets in fair value hierarchy $ 1.9 $ — $ 3.7 $ 5.6 Common collective funds measured at net asset value 51.7 Total assets $ 57.3 As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Fixed income securities: Corporate bonds (a) $ 0.7 $ — $ — $ 0.7 Equity securities : U.S. equity 0.6 — — 0.6 International equity 0.3 — — 0.3 Insurance contracts — — 3.6 3.6 Total assets in fair value hierarchy $ 1.6 $ — $ 3.6 $ 5.2 Common collective funds measured at net asset value 42.3 Total assets $ 47.5 (a) Securities of diverse industries, substantially all investment grade. Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2019 2018 Insurance contracts: Beginning of year $ 3.6 $ 4.4 Payments (0.4 ) (0.5 ) Actuarial loss 0.2 (0.1 ) Interest income 0.1 0.1 Cumulative translation adjustments 0.2 (0.3 ) End of year $ 3.7 $ 3.6 Our insurance contracts classified as Level 3 are valued based on a discount rate determined by reference to the market interest rates prevailing on high quality debt instruments with cash flows that match the timing and amount of expected benefit payments under the pension plan in Canada, as well as a mortality assumption based upon the current mortality table, CPM2014 generational projected using mortality improvement scale CPM-B. As a result, the fair value of the insurance contract is equal to the defined benefit obligation in respect of the members covered under the insurance contract. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker-quoted prices. Future Benefit Payments (in millions) 2020 2021 2022 2023 2024 2025-2029 Estimated future benefit payments for pension plans 1.9 2.0 2.1 2.2 2.4 14.0 We expect to contribute $4.1 million to our pension plans in 2020 . Multi-Employer Pension and Postretirement Benefit Plans We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $4.0 million in 2019 , $3.8 million in 2018 and $3.3 million in 2017 . Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us. Defined Contribution Plans Employer contributions for defined contribution plans sponsored by us were $5.9 million in 2019 , $5.5 million in 2018 and $4.8 million in 2017 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act amends the Code to reduce tax rates and modify policies, credits and deductions. The Tax Act’s most significant change was the reduction of the federal tax rate from a maximum of 35% to a flat rate of 21% . Cash paid for income taxes was $10.5 million in 2019 , $8.4 million in 2018 and $6.8 million in 2017 . The U.S. and foreign components of Income before provision for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2019 2018 2017 United States $ 144.3 $ 157.3 $ 139.2 Foreign 1.5 (48.6 ) (14.1 ) Income before provision for income taxes and equity in earnings of investee companies $ 145.8 $ 108.7 $ 125.1 The following table reconciles Income before provision for income taxes and equity in earnings of investee companies to REIT taxable income. Year Ended December 31, (in millions) 2019 2018 2017 Income before provision for income taxes and equity in earnings of investee companies $ 145.8 $ 108.7 $ 125.1 Net (income) loss of TRSs (16.4 ) 38.4 (2.4 ) Income from REIT operations 129.4 147.1 122.7 Book depreciation in excess of tax depreciation 21.5 24.4 29.5 Book amortization in excess of tax amortization (6.8 ) (10.6 ) (1.8 ) Tax dividend from foreign subsidiary (a) 0.5 2.1 5.6 Book/tax differences - stock-based compensation 1.5 (1.4 ) (2.2 ) Book/tax differences - deferred gain for tax (3.2 ) (1.4 ) (13.1 ) Book/tax differences - capitalized costs 5.0 6.4 5.7 Book/tax differences - executive compensation 7.8 7.5 1.1 Book/tax differences - leases 6.2 1.5 2.8 Book/tax differences - other 9.4 2.1 (4.1 ) REIT taxable income (estimated) $ 171.3 $ 177.7 $ 146.2 (a) In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million deduction for dividends received. The components of the Provision for income taxes are as follows: Year Ended December 31, (in millions) 2019 2018 2017 Current: Federal $ (5.3 ) $ (2.4 ) $ (6.9 ) State and local (4.0 ) (2.3 ) (2.2 ) Foreign (1.4 ) (0.6 ) 0.1 (10.7 ) (5.3 ) (9.0 ) Deferred tax benefit (liability): Federal 0.3 (1.0 ) (2.2 ) State and local 0.2 (0.4 ) (0.1 ) Foreign (0.7 ) 1.8 7.2 (0.2 ) 0.4 4.9 Provision for income taxes $ (10.9 ) $ (4.9 ) $ (4.1 ) The effective income tax rate was 7.5% in 2019 , 4.7% in 2018 and 3.3% in 2017 . The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017, and the Provision for income taxes is summarized as follows: Year Ended December 31, (in millions) 2019 2018 2017 Provision for income taxes on income at U.S. statutory rate $ (31.6 ) $ (22.8 ) $ (43.8 ) REIT dividends paid deduction 27.9 30.9 42.9 State and local taxes, net of federal tax benefit (2.7 ) (2.3 ) (1.6 ) Effect of foreign operations (1.5 ) (9.3 ) 2.4 Resolution of prior year tax (3.0 ) — — Effect of the Tax Act on net deferred tax assets (a) — — (2.1 ) Gain on dispositions (0.3 ) (0.5 ) (0.9 ) Other, net 0.3 (0.9 ) (1.0 ) Provision for income taxes $ (10.9 ) $ (4.9 ) $ (4.1 ) (a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017. The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2019 2018 Deferred income tax assets: Provision for expenses and losses $ 0.3 $ 1.1 Postretirement and other employee benefits 2.4 3.6 Tax credit and loss carryforwards 0.4 0.8 Total deferred income tax assets 3.1 5.5 Valuation allowance (0.4 ) — Deferred income tax assets, net 2.7 5.5 Deferred income tax liabilities: Property, equipment and intangible assets (18.3 ) (19.5 ) Total deferred income tax liabilities (18.3 ) (19.5 ) Deferred income tax liabilities, net $ (15.6 ) $ (14.0 ) As of December 31, 2019 , we had net operating loss carryforwards for Canadian jurisdictions of $1.4 million , which expire in various years from 2020 through 2037. Our undistributed earnings of foreign subsidiaries not includable in our federal income tax returns that could be subject to additional income taxes if remitted was approximately $6.4 million as of December 31, 2019 , and $6.2 million as of December 31, 2018 . No provision was recorded for taxes that could result from the remittance of such undistributed earnings since we intend to declare dividends to our shareholders in an amount sufficient to offset such distributions and intend to reinvest the remainder outside of the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for undistributed earnings is not practicable. The reserve for uncertain tax positions of $0.5 million as of December 31, 2019 , includes $0.3 million which would affect our effective income tax rate if and when recognized in future years. We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented. We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. Tax years 2016 to present are open for examination by the tax authorities. New York State has concluded an audit of our 2014 and 2015 tax years without proposing any adjustments. In the second quarter of 2019, we had recorded a provision for uncertain tax positions of $4.5 million to correct an error related to prior open tax years. In the third quarter of 2019, pursuant to an audit for the 2016 tax year, the Internal Revenue Service has issued a report of Income Tax Examination Changes, increasing our tax liability by $2.2 million , which represents a settlement of the $4.5 million |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (“EPS”) | Earnings Per Share (“EPS”) Year Ended December 31, (in millions) 2019 2018 2017 Net income available for common stockholders $ 140.1 $ 107.9 $ 125.8 Less: Distributions to holders of Class A equity interests of a subsidiary (b) 1.9 2.7 1.4 Net income available for common stockholders, basic and diluted $ 138.2 $ 105.2 $ 124.4 Weighted average shares for basic EPS 142.5 139.3 138.5 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.7 0.3 0.4 Weighted average shares for diluted EPS (a)(b) 143.2 139.6 138.9 (a) The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019 , 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive. (b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019 , 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment. As of December 31, 2019 , guaranteed minimum annual payments are as follows: (in millions) Guaranteed Minimum Annual Payments 2020 $ 227.9 2021 227.3 2022 222.6 2023 225.0 2024 226.6 2025 and thereafter 774.4 Total minimum payments $ 1,903.8 Under the MTA agreement, we are obligated to deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock, and (iii) 7,829 MTA communications displays, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. In addition, we are obligated to pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Incremental revenues that exceed an annual base revenue amount will be retained by us for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, MTA equipment deployment costs are being recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operation. As of December 31, 2019 , 4,577 digital displays had been installed, of which 837 installations occurred in the fourth quarter of 2019, for a total of 3,348 installations in 2019. For the full year of 2020, we expect our MTA equipment deployment costs to be approximately $175.0 million . (in millions) Beginning Balance Deployment Costs Incurred Recoupment Amortization Ending Balance Year Ended December 31, 2019: Prepaid MTA equipment deployment costs $ 79.5 $ 124.2 $ (32.2 ) $ — $ 171.5 Intangible assets (franchise agreements) 14.8 26.6 — (3.1 ) 38.3 Total $ 94.3 $ 150.8 $ (32.2 ) $ (3.1 ) $ 209.8 Year Ended December 31, 2018: Prepaid MTA equipment deployment costs $ 4.7 $ 76.5 $ (1.7 ) $ — $ 79.5 Intangible assets (franchise agreements) 0.9 14.7 — (0.8 ) 14.8 Total $ 5.6 $ 91.2 $ (1.7 ) $ (0.8 ) $ 94.3 Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of December 31, 2019 , the outstanding letters of credit were approximately $72.5 million and outstanding surety bonds were approximately $162.1 million , and were not recorded on the Consolidated Statements of Financial Position. Legal Matters On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other . The following tables set forth our financial performance by segment. Year Ended December 31, (in millions) 2019 2018 2017 Revenues: U.S. Media $ 1,628.7 $ 1,466.8 $ 1,406.5 Other 153.5 139.4 114.0 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 We present Operating income before Depreciation , Amortization , Net gain on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Year Ended December 31, (in millions) 2019 2018 2017 Net income before allocation to non-controlling interests $ 140.6 $ 107.9 $ 125.8 Provision for income taxes 10.9 4.9 4.1 Equity in earnings of investee companies, net of tax (5.7 ) (4.1 ) (4.8 ) Interest expense, net 134.9 125.7 116.9 Loss on extinguishment of debt 28.5 — — Other (income) expense, net (0.1 ) 0.4 (0.3 ) Operating income 309.1 234.8 241.7 Restructuring charges 0.3 2.1 6.4 Net gain on dispositions (3.8 ) (5.5 ) (14.3 ) Impairment charge — 42.9 — Depreciation and amortization 194.5 185.0 189.8 Stock-based compensation 22.3 20.2 20.5 Total Adjusted OIBDA $ 522.4 $ 479.5 $ 444.1 Adjusted OIBDA: U.S. Media $ 546.3 $ 500.2 $ 478.1 Other 22.1 17.3 8.4 Corporate (46.0 ) (38.0 ) (42.4 ) Total Adjusted OIBDA $ 522.4 $ 479.5 $ 444.1 Year Ended December 31, (in millions) 2019 2018 2017 Operating income (loss): U.S. Media $ 376.3 $ 342.8 $ 320.6 Other 1.4 (49.4 ) (16.0 ) Corporate (68.6 ) (58.6 ) (62.9 ) Total operating income $ 309.1 $ 234.8 $ 241.7 Net (gain) loss on dispositions: U.S. Media $ (3.9 ) $ (5.3 ) $ (14.4 ) Other 0.1 (0.2 ) 0.1 Total gain on dispositions $ (3.8 ) $ (5.5 ) $ (14.3 ) Depreciation and amortization: U.S. Media $ 173.9 $ 161.8 $ 169.6 Other 20.6 23.2 20.2 Total depreciation and amortization $ 194.5 $ 185.0 $ 189.8 Capital expenditures: U.S. Media $ 86.7 $ 73.0 $ 63.9 Other 3.2 9.3 6.9 Total capital expenditures $ 89.9 $ 82.3 $ 70.8 As of December 31, (in millions) 2019 2018 2017 Assets: U.S. Media $ 5,077.1 $ 3,610.0 $ 3,528.8 Other 284.0 202.5 263.8 Corporate 21.2 16.2 15.6 Total assets $ 5,382.3 $ 3,828.7 $ 3,808.2 Year Ended December 31, (in millions) 2019 2018 2017 Revenues (a) : United States $ 1,694.4 $ 1,521.6 $ 1,447.3 Canada 87.8 84.6 73.2 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 (a) Revenues classifications are based on the geography of the advertising. As of December 31, (in millions) 2019 2018 2017 Long-lived assets (a) : United States $ 4,722.1 $ 3,255.0 3,216.4 Canada 203.0 122.5 189.1 Total long-lived assets $ 4,925.1 $ 3,377.5 $ 3,405.5 (a) Reflects total assets less current assets, investments and non-current deferred tax assets. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly-owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 8. Debt to the Consolidated Financial Statements). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries, including the SPVs; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below. As of December 31, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 12.7 $ 1.1 $ 45.3 $ — $ 59.1 Receivables, less allowances — — — 320.8 (30.8 ) 290.0 Other current assets — 1.0 169.7 76.9 (160.9 ) 86.7 Total current assets — 13.7 170.8 443.0 (191.7 ) 435.8 Property and equipment, net — — 618.2 48.0 — 666.2 Goodwill — — 2,059.9 23.2 — 2,083.1 Intangible assets — — 479.5 71.4 — 550.9 Operating lease assets — — 1,344.3 112.7 — 1,457.0 Investment in subsidiaries 1,093.8 3,330.0 331.6 — (4,755.4 ) — Prepaid MTA equipment deployment costs — — 116.1 — — 116.1 Other assets — 3.5 65.8 3.9 — 73.2 Intercompany — — 77.5 87.6 (165.1 ) — Total assets $ 1,093.8 $ 3,347.2 $ 5,263.7 $ 789.8 $ (5,112.2 ) $ 5,382.3 Total current liabilities $ — $ 26.7 $ 590.5 $ 224.5 $ (191.7 ) $ 650.0 Long-term debt, net — 2,222.1 — — — 2,222.1 Deferred income tax liabilities, net — — — 18.0 — 18.0 Asset retirement obligation — — 30.6 4.5 — 35.1 Operating lease liabilities — — 1,188.0 97.1 — 1,285.1 Deficit in excess of investment of subsidiaries — — 2,236.2 — (2,236.2 ) — Other liabilities — 4.6 37.0 4.0 — 45.6 Intercompany — — 87.6 77.5 (165.1 ) — Total liabilities — 2,253.4 4,169.9 425.6 (2,593.0 ) 4,255.9 Total stockholders’ equity 1,093.8 1,093.8 1,093.8 331.6 (2,519.2 ) 1,093.8 Non-controlling interests — — — 32.6 — 32.6 Total equity 1,093.8 1,093.8 1,093.8 364.2 (2,519.2 ) 1,126.4 Total liabilities and equity $ 1,093.8 $ 3,347.2 $ 5,263.7 $ 789.8 $ (5,112.2 ) $ 5,382.3 As of December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 12.0 $ — $ 40.7 $ — $ 52.7 Receivables, less allowances — — 52.7 232.1 (19.9 ) 264.9 Other current assets — 1.0 176.3 81.5 (146.9 ) 111.9 Total current assets — 13.0 229.0 354.3 (166.8 ) 429.5 Property and equipment, net — — 604.3 48.6 — 652.9 Goodwill — — 2,059.9 19.8 — 2,079.7 Intangible assets — — 478.4 58.8 — 537.2 Investment in subsidiaries 1,102.8 3,257.5 261.9 — (4,622.2 ) — Prepaid MTA equipment deployment costs — — 60.6 — — 60.6 Other assets — 2.3 63.4 3.1 — 68.8 Intercompany — — 81.0 100.7 (181.7 ) — Total assets $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 Total current liabilities $ — $ 18.0 $ 375.5 $ 175.9 $ (166.8 ) $ 402.6 Long-term debt, net — 2,149.6 — — — 2,149.6 Deferred income tax liabilities, net — — — 17.0 — 17.0 Asset retirement obligation — — 29.9 4.3 — 34.2 Deficit in excess of investment of subsidiaries — — 2,154.7 — (2,154.7 ) — Other liabilities — 2.4 74.9 2.7 — 80.0 Intercompany — — 100.7 81.0 (181.7 ) — Total liabilities — 2,170.0 2,735.7 280.9 (2,503.2 ) 2,683.4 Total stockholders’ equity 1,102.8 1,102.8 1,102.8 261.9 (2,467.5 ) 1,102.8 Non-controlling interests — — — 42.5 — 42.5 Total equity 1,102.8 1,102.8 1,102.8 304.4 (2,467.5 ) 1,145.3 Total liabilities and stockholders’ equity $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 Year Ended December 31, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,109.9 $ 80.0 $ — $ 1,189.9 Transit and other — — 579.5 12.8 — 592.3 Total revenues — — 1,689.4 92.8 — 1,782.2 Expenses: Operating — — 906.3 52.3 — 958.6 Selling, general and administrative 1.6 0.5 311.2 10.2 — 323.5 Restructuring charges — — 0.3 — — 0.3 Net gain on dispositions — — (3.8 ) — — (3.8 ) Depreciation — — 76.8 10.5 — 87.3 Amortization — — 97.8 9.4 — 107.2 Total expenses 1.6 0.5 1,388.6 82.4 — 1,473.1 Operating income (loss) (1.6 ) (0.5 ) 300.8 10.4 — 309.1 Interest expense, net — (127.1 ) (2.5 ) (5.3 ) — (134.9 ) Loss on extinguishment of debt — (28.5 ) — — — (28.5 ) Other income, net — — — 0.1 — 0.1 Income (loss) before provision for income taxes and equity in earnings of investee companies (1.6 ) (156.1 ) 298.3 5.2 — 145.8 Provision for income taxes — — (8.8 ) (2.1 ) — (10.9 ) Equity in earnings of investee companies, net of tax 141.7 297.8 (147.8 ) 1.1 (287.1 ) 5.7 Net income before allocation to non-controlling interests $ 140.1 $ 141.7 $ 141.7 $ 4.2 $ (287.1 ) $ 140.6 Net income attributable to non-controlling interests — — — 0.5 — 0.5 Net income attributable to Outfront Media Inc. 140.1 141.7 141.7 3.7 (287.1 ) 140.1 Net income attributable to Outfront Media Inc. $ 140.1 $ 141.7 $ 141.7 $ 3.7 $ (287.1 ) $ 140.1 Total other comprehensive income, net of tax 4.3 4.3 4.3 6.5 (15.1 ) 4.3 Total comprehensive income $ 144.4 $ 146.0 $ 146.0 $ 10.2 $ (302.2 ) $ 144.4 Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,040.1 $ 72.3 $ — $ 1,112.4 Transit and other — — 480.8 13.0 — 493.8 Total revenues — — 1,520.9 85.3 — 1,606.2 Expenses: Operating — — 808.3 51.6 — 859.9 Selling, general and administrative 1.6 0.2 276.6 8.6 — 287.0 Restructuring charges — — 2.1 — — 2.1 Net gain on dispositions — — (5.3 ) (0.2 ) — (5.5 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 73.3 12.6 — 85.9 Amortization — — 90.2 8.9 — 99.1 Total expenses 1.6 0.2 1,245.2 124.4 — 1,371.4 Operating income (loss) (1.6 ) (0.2 ) 275.7 (39.1 ) — 234.8 Interest expense, net — (118.4 ) (3.8 ) (3.5 ) — (125.7 ) Other expenses, net — — — (0.4 ) — (0.4 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (118.6 ) 271.9 (43.0 ) — 108.7 Benefit (provision) for income taxes — — (6.1 ) 1.2 — (4.9 ) Equity in earnings of investee companies, net of tax 109.5 228.1 (156.3 ) 1.1 (178.3 ) 4.1 Net income (loss) attributable to OUTFRONT Media Inc. $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Net income (loss) attributable to OUTFRONT Media Inc. $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Total other comprehensive loss, net of tax (14.3 ) (14.3 ) (14.3 ) (12.1 ) 40.7 (14.3 ) Total comprehensive income (loss) $ 93.6 $ 95.2 $ 95.2 $ (52.8 ) $ (137.6 ) $ 93.6 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 997.5 $ 61.5 $ — $ 1,059.0 Transit and other — — 449.4 12.1 — 461.5 Total revenues — — 1,446.9 73.6 — 1,520.5 Expenses: Operating — — 784.6 50.6 — 835.2 Selling, general and administrative 1.6 0.9 246.2 13.0 — 261.7 Restructuring charges — — 2.5 3.9 — 6.4 Net (gain) loss on dispositions — — (14.4 ) 0.1 — (14.3 ) Depreciation — — 77.3 12.4 — 89.7 Amortization — — 94.0 6.1 — 100.1 Total expenses 1.6 0.9 1,190.2 86.1 — 1,278.8 Operating income (loss) (1.6 ) (0.9 ) 256.7 (12.5 ) — 241.7 Interest expense, net — (113.9 ) (2.3 ) (0.7 ) — (116.9 ) Other income, net — — — 0.3 — 0.3 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (114.8 ) 254.4 (12.9 ) — 125.1 Benefit (provision) for income taxes — — (11.3 ) 7.2 — (4.1 ) Equity in earnings of investee companies, net of tax 127.4 242.2 (115.7 ) 0.8 (249.9 ) 4.8 Net income (loss) attributable to OUTFRONT Media Inc. $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Net income (loss) attributable to OUTFRONT Media Inc. $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Total other comprehensive income, net of tax 10.8 10.8 10.8 10.8 (32.4 ) 10.8 Total comprehensive income $ 136.6 $ 138.2 $ 138.2 $ 5.9 $ (282.3 ) $ 136.6 Year Ended December 31, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.6 ) $ (111.8 ) $ 375.7 $ 14.6 $ — $ 276.9 Investing activities: Capital expenditures — — (87.0 ) (2.9 ) — (89.9 ) Acquisitions — — (69.7 ) — — (69.7 ) MTA franchise rights — — (24.0 ) — — (24.0 ) Proceeds from dispositions — — 5.8 — — 5.8 Return of investment in investee companies — — 1.5 — — 1.5 Net cash flow used for investing activities — — (173.4 ) (2.9 ) — (176.3 ) Financing activities: Proceeds from long-term debt borrowings — 1,270.0 — — — 1,270.0 Repayments of long-term debt borrowings — (1,191.5 ) — — — (1,191.5 ) Proceeds from borrowings under short-term debt facilities — — 180.0 325.0 — 505.0 Repayments of borrowings under short-term debt facilities — — (165.0 ) (305.0 ) — (470.0 ) Payments of deferred financing costs — (21.9 ) (0.2 ) — — (22.1 ) Payments of debt extinguishment charges — (20.6 ) — — — (20.6 ) Proceeds from shares issued under the ATM Program 50.9 — — — — 50.9 Taxes withheld for stock-based compensation — — (7.9 ) — — (7.9 ) Dividends (206.2 ) — — (1.9 ) — (208.1 ) Intercompany 156.9 76.5 (207.7 ) (25.7 ) — — Net cash flow provided by (used for) financing activities 1.6 112.5 (200.8 ) (7.6 ) — (94.3 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — 0.5 — 0.5 Net increase in cash, cash equivalents and restricted cash — 0.7 1.5 4.6 — 6.8 Cash, cash equivalents and restricted cash at beginning of period — 12.0 1.4 40.7 — 54.1 Cash, cash equivalents and restricted cash at end of period $ — $ 12.7 $ 2.9 $ 45.3 $ — $ 60.9 Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.6 ) $ (110.6 ) $ 331.8 $ (5.3 ) $ — $ 214.3 Investing activities: Capital expenditures — — (70.0 ) (12.3 ) — (82.3 ) Acquisitions — — (7.0 ) — — (7.0 ) MTA franchise rights — — (13.3 ) — — (13.3 ) Proceeds from dispositions — — 7.6 0.3 — 7.9 Return of investment in investee companies — — 4.3 — — 4.3 Net cash flow used for investing activities — — (78.4 ) (12.0 ) — (90.4 ) Financing activities: Proceeds from long-term debt borrowings — 104.0 — — — 104.0 Repayments of long-term debt borrowings — (104.0 ) — — — (104.0 ) Proceeds from borrowings under short-term debt facilities — — 75.0 170.0 — 245.0 Repayments of borrowings under short-term debt facilities — — — (165.0 ) — (165.0 ) Payments of deferred financing costs — (0.2 ) — (0.1 ) — (0.3 ) Proceeds from shares issued under the ATM Program 15.3 — — — — 15.3 Earnout payment related to prior acquisition — — (0.4 ) — — (0.4 ) Taxes withheld for stock-based compensation — — (8.4 ) — — (8.4 ) Dividends (201.2 ) — — (2.7 ) — (203.9 ) Intercompany 187.5 112.6 (321.9 ) 21.8 — — Net cash flow provided by (used for) financing activities 1.6 112.4 (255.7 ) 24.0 — (117.7 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — (0.4 ) — (0.4 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 1.8 (2.3 ) 6.3 — 5.8 Cash, cash equivalents and restricted cash at beginning of period — 10.2 3.7 34.4 — 48.3 Cash, cash equivalents and restricted cash at end of period $ — $ 12.0 $ 1.4 $ 40.7 $ — $ 54.1 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.7 ) $ (108.5 ) $ 329.5 $ 30.0 $ — $ 249.3 Investing activities: Capital expenditures — — (63.6 ) (7.2 ) — (70.8 ) Acquisitions — — (17.6 ) (51.6 ) — (69.2 ) MTA franchise rights — — (0.9 ) — — (0.9 ) Proceeds from dispositions — — 5.5 0.1 — 5.6 Net cash flow used for investing activities — — (76.6 ) (58.7 ) — (135.3 ) Financing activities: Proceeds from long-term debt borrowings — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — 160.0 — 250.0 Repayments of borrowings under short-term debt facilities — (90.0 ) — (80.0 ) — (170.0 ) Payments of deferred financing costs — (8.0 ) — (0.5 ) — (8.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Earnout payment related to prior acquisition — — (2.0 ) — — (2.0 ) Taxes withheld for stock-based compensation — — (8.5 ) — — (8.5 ) Dividends (200.4 ) — — (1.4 ) — (201.8 ) Intercompany 200.9 107.0 (274.3 ) (33.6 ) — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 1.7 107.3 (285.0 ) 44.5 — (131.5 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — 0.6 — 0.6 Net increase (decrease) in cash, cash equivalents and restricted cash — (1.2 ) (32.1 ) 16.4 — (16.9 ) Cash, cash equivalents and restricted cash at beginning of period — 11.4 35.8 18.0 — 65.2 Cash, cash equivalents and restricted cash at end of period $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) Our revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. 2019 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 338.4 $ 419.6 $ 422.7 $ 448.0 $ 1,628.7 Other 33.3 40.3 39.8 40.1 153.5 Total revenues $ 371.7 $ 459.9 $ 462.5 $ 488.1 $ 1,782.2 Adjusted OIBDA: U.S. Media $ 94.6 $ 145.8 $ 147.3 $ 158.6 $ 546.3 Other 1.2 8.8 4.3 7.8 22.1 Corporate (9.0 ) (11.0 ) (11.3 ) (14.7 ) (46.0 ) Total Adjusted OIBDA 86.8 143.6 140.3 151.7 522.4 Restructuring charges (0.3 ) — — — (0.3 ) Net gain (loss) on dispositions 1.5 (0.4 ) 1.9 0.8 3.8 Depreciation (21.1 ) (21.4 ) (22.4 ) (22.4 ) (87.3 ) Amortization (24.7 ) (27.6 ) (28.7 ) (26.2 ) (107.2 ) Stock-based compensation (5.3 ) (5.5 ) (5.6 ) (5.9 ) (22.3 ) Total operating income $ 36.9 $ 88.7 $ 85.5 $ 98.0 $ 309.1 Operating income (loss): U.S. Media $ 55.5 $ 101.9 $ 103.1 $ 115.8 $ 376.3 Other (4.0 ) 3.3 (0.7 ) 2.8 1.4 Corporate (14.6 ) (16.5 ) (16.9 ) (20.6 ) (68.6 ) Total operating income $ 36.9 $ 88.7 $ 85.5 $ 98.0 $ 309.1 Net income attributable to OUTFRONT Media Inc. $ 6.1 $ 50.3 $ 38.7 $ 45.0 $ 140.1 Net income attributable to OUTFRONT Media Inc. per common share: Basic $ 0.04 $ 0.35 $ 0.27 $ 0.31 $ 0.97 Diluted $ 0.04 $ 0.35 $ 0.27 $ 0.31 $ 0.97 2018 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 309.9 $ 367.2 $ 379.7 $ 410.0 $ 1,466.8 Other 28.0 34.5 34.5 42.4 139.4 Total revenues $ 337.9 $ 401.7 $ 414.2 $ 452.4 $ 1,606.2 Adjusted OIBDA: U.S. Media $ 88.9 $ 131.2 $ 136.2 $ 143.9 $ 500.2 Other (0.8 ) 4.2 4.2 9.7 17.3 Corporate (6.9 ) (10.2 ) (11.1 ) (9.8 ) (38.0 ) Total Adjusted OIBDA 81.2 125.2 129.3 143.8 479.5 Restructuring charges (1.1 ) (0.2 ) (0.1 ) (0.7 ) (2.1 ) Net gain on dispositions 0.2 2.7 1.3 1.3 5.5 Impairment charge — (42.9 ) (a) — — (42.9 ) Depreciation (21.1 ) (21.3 ) (21.0 ) (22.5 ) (85.9 ) Amortization (22.5 ) (25.0 ) (25.8 ) (25.8 ) (99.1 ) Stock-based compensation (5.0 ) (5.6 ) (4.8 ) (4.8 ) (20.2 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Operating income (loss): U.S. Media $ 50.6 $ 93.8 $ 96.0 $ 102.4 $ 342.8 Other (7.0 ) (45.1 ) (1.2 ) 3.9 (49.4 ) Corporate (11.9 ) (15.8 ) (15.9 ) (15.0 ) (58.6 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Net income (loss) attributable to OUTFRONT Media Inc. $ 9.1 $ (5.2 ) $ 46.8 $ 57.2 $ 107.9 Net income (loss) attributable to OUTFRONT Media Inc. per common share: Basic $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.76 Diluted $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.75 (a) As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets : Goodwill to the Consolidated Financial Statements. Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year. |
II - Valuation and Qualifying A
II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2019 $ 10.7 $ — $ 5.3 $ 0.1 $ 4.0 $ 12.1 Year ended December 31, 2018 11.5 — 1.9 (0.1 ) 2.6 10.7 Year ended December 31, 2017 9.2 — 4.4 0.1 2.2 11.5 Valuation allowance on deferred tax assets: Year ended December 31, 2019 $ — $ — $ 0.4 $ — $ — $ 0.4 Year ended December 31, 2018 — — — — — — Year ended December 31, 2017 — — — — — — |
III - Schedule of Real Estate a
III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2019 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 39,618 displays — (2) (2) (2) $ 81.1 $ 1,405.7 1,486.8 $ (1,113.2 ) Various Various 5 to 20 years Canada - 4,808 displays — (2) (2) (2) 2.2 284.7 286.9 (271.5 ) Various Various 5 to 20 years $ 83.3 $ 1,690.4 $ 1,773.7 $ (1,384.7 ) Structures added subsequent to January 1, 2014 United States - 2,039 displays $ 15.5 $ 165.4 $ (11.8 ) $ 15.5 $ 153.6 $ 169.1 $ (7.7 ) Various Various 5 to 20 years Canada - 258 displays — 22.1 — — 22.1 22.1 (1.6 ) Various Various 5 to 20 years $ 15.5 $ 187.5 $ (11.8 ) $ 15.5 $ 175.7 $ 191.2 $ (9.3 ) Total United States - 41,657 displays $ 96.6 $ 1,559.3 $ 1,655.9 $ (1,120.9 ) Various Various 5 to 20 years Canada - 5,066 displays 2.2 306.8 309.0 (273.1 ) Various Various 5 to 20 years $ 98.8 $ 1,866.1 $ 1,964.9 $ (1,394.0 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2019 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2019 2018 2017 Gross real estate assets: Balance at the beginning of the year $ 1,886.9 $ 1,845.2 $ 1,787.3 New Investments 25.0 27.2 22.0 Redevelopments 35.6 29.0 23.4 Recurring capital expenditures 10.2 12.8 13.0 Land acquisitions 2.1 3.5 4.6 Additions for construction of / improvements to structures 72.9 72.5 63.0 Assets sold or written-off (9.4 ) (2.9 ) (28.9 ) Foreign exchange 14.5 (27.9 ) 23.8 Balance at the end of the year $ 1,964.9 $ 1,886.9 $ 1,845.2 Accumulated depreciation: Balance at the beginning of the year $ 1,323.2 $ 1,280.7 $ 1,208.5 Depreciation 66.0 69.1 76.2 Assets sold or written-off (8.0 ) (2.3 ) (24.5 ) Foreign exchange 12.8 (24.3 ) 20.5 Balance at the end of the year $ 1,394.0 $ 1,323.2 $ 1,280.7 |
Description of Business and B_2
Description of Business and Basis of Presentation Accounting (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation— The consolidated financial statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50% , without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash —Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash. |
Receivables | Receivables —Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. |
New York Metropolitan Authority Agreement | New York Metropolitan Transportation Authority (the “MTA”) Agreement— Under the MTA Agreement, as title of the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period. |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service. |
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions —We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years . |
Hedging Activities | Hedging Activities |
Revenue Recognition | Revenue Recognition —We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other. Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term. Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period. Other revenues are derived primarily from (i) providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sporting events. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period. Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations, are allocated primarily based on a relative standalone selling price basis. Deferred revenues primarily consist of revenues paid in advance of being earned. |
Concentration of Credit Risk | Concentration of Credit Risk— In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. |
Billboard Property Lease and Transit Franchise Expenses | Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net ) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard. |
Direct Lease Acquisition Costs | Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, on the Consolidated Statements of Operations. |
Income Taxes | Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. |
Asset Retirement Obligation | Asset Retirement Obligation —An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. |
Stock-based Compensation | Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Leases In the first quarter of 2019, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the modified retrospective transition method to adopt the new lease standard. The modified retrospective transition method allows entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases regardless of their classification. We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions. At adoption, we had approximately 23,600 lease agreements as lessee, all of which were classified as operating leases. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. As a result of the adoption of this standard, we also recorded a cumulative-effect adjustment of $24.8 million to beginning Distribution in excess of earnings on the Consolidated Statement of Equity for lease costs which would have been recognized in prior periods as a result of the change in the lease term. Under the new guidance, lessors account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Adoption of this guidance did not have a material effect on our consolidated financial statements. |
Recent Pronouncements | Recent Pronouncements In April 2015 (updated in August 2018), the FASB updated their guidance for evaluating and determining when a cloud computing arrangement (hosting arrangement) includes a software license. The new guidance is effective for annual and interim periods beginning after December 15, 2019. We do not expect this guidance to have a material effect on our consolidated financial statements. In June 2016 (updated in May 2019 and November 2019), the FASB issued guidance which requires a reporting entity to estimate credit losses on certain types of financial instruments, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The new guidance is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. We do not expect this guidance to have a material effect on our consolidated financial statements. In December 2019, the FASB issued guidance simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes . The new guidance is effective for annual and interim periods beginning after December 15, 2020. We do not expect this guidance to have a material effect on our consolidated financial statements. |
Leases (Policies)
Leases (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases - Lessee | We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts. Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment. We rent or sublease certain real estate to third parties. |
Leases - Lessor | Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net ) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Property and Equipment, Net | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years The table below presents the balances of major classes of assets and accumulated depreciation. As of December 31, (in millions) 2019 2018 Land $ 98.8 $ 97.5 Buildings and improvements 50.4 48.7 Advertising structures 1,866.1 1,789.4 Furniture, equipment and other 153.1 134.3 Construction in progress 25.4 19.3 2,193.8 2,089.2 Less accumulated depreciation 1,527.6 1,436.3 Property and equipment, net $ 666.2 $ 652.9 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | As of (in millions) December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents $ 59.1 $ 52.7 $ 48.3 Restricted cash 1.8 1.4 — Cash, cash equivalents and restricted cash $ 60.9 $ 54.1 $ 48.3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Minimum rental payments under operating leases | As of December 31, 2019 , minimum rental payments under operating leases are as follows: (in millions) Operating Leases 2020 $ 248.9 2021 251.4 2022 232.6 2023 209.6 2024 175.6 2025 and thereafter 910.5 Total operating lease payments 2,028.6 Less: Interest 575.2 Present value of lease liabilities $ 1,453.4 |
Minimum rental payments under non-cancellable operating leases with original terms in excess of one year | As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows: (in millions) Non-Cancellable Operating Leases 2019 $ 154.8 2020 151.8 2021 139.1 2022 126.2 2023 109.8 2024 and thereafter 574.6 Total minimum payments $ 1,256.3 |
Minimum rental payments to be received | As of December 31, 2019 , rental payments to be received under non-cancellable operating leases are as follows: (in millions) Rental Income 2020 $ 495.5 2021 31.5 2022 8.6 2023 4.3 2024 3.0 2025 and thereafter 0.9 Total minimum payments $ 543.8 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years The table below presents the balances of major classes of assets and accumulated depreciation. As of December 31, (in millions) 2019 2018 Land $ 98.8 $ 97.5 Buildings and improvements 50.4 48.7 Advertising structures 1,866.1 1,789.4 Furniture, equipment and other 153.1 134.3 Construction in progress 25.4 19.3 2,193.8 2,089.2 Less accumulated depreciation 1,527.6 1,436.3 Property and equipment, net $ 666.2 $ 652.9 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the years ended December 31, 2019 and 2018 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total As of December 31, 2017 $ 2,054.0 $ 74.0 $ 2,128.0 Currency translation adjustments — (5.4 ) (5.4 ) Impairment — (42.9 ) (42.9 ) As of December 31, 2018 2,054.0 25.7 2,079.7 Currency translation adjustments — 3.4 3.4 As of December 31, 2019 $ 2,054.0 $ 29.1 $ 2,083.1 |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of December 31, 2019: Permits and leasehold agreements $ 1,153.3 $ (735.7 ) $ 417.6 Franchise agreements 497.4 (371.1 ) 126.3 Other intangible assets 47.1 (40.1 ) 7.0 Total intangible assets $ 1,697.8 $ (1,146.9 ) $ 550.9 As of December 31, 2018: Permits and leasehold agreements (a) $ 1,107.4 $ (697.6 ) $ 409.8 Franchise agreements 470.7 (357.1 ) 113.6 Other intangible assets (a) 46.9 (33.1 ) 13.8 Total intangible assets $ 1,625.0 $ (1,087.8 ) $ 537.2 (a) Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements). |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2020 through 2024 , to be as follows: (in millions) 2020 2021 2022 2023 2024 Amortization expense $ 58.7 $ 56.8 $ 51.5 $ 49.7 $ 47.4 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | Year Ended December 31, (in millions) 2019 2018 Balance, at beginning of period $ 34.2 $ 34.7 Accretion expense 2.5 2.4 Additions 0.3 0.2 Liabilities settled (2.1 ) (2.7 ) Foreign currency translation adjustments 0.2 (0.4 ) Balance, at end of period $ 35.1 $ 34.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt, net, consists of the following: As of (in millions, except percentages) December 31, 2019 December 31, Short-term debt: AR Facility $ 105.0 $ 85.0 Repurchase Facility 90.0 75.0 Total short-term debt 195.0 160.0 Long-term debt: Term loan 597.5 668.1 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 — 549.7 5.625% senior unsecured notes, due 2024 501.7 502.2 5.875% senior unsecured notes, due 2025 — 450.0 5.000% senior unsecured notes, due 2027 650.0 — 4.625% senior unsecured notes, due 2030 500.0 — Total senior unsecured notes 1,651.7 1,501.9 Debt issuance costs (27.1 ) (20.4 ) Total long-term debt, net 2,222.1 2,149.6 Total debt, net $ 2,417.1 $ 2,309.6 Weighted average cost of debt 4.5 % 5.1 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Loss on Interest Rate Cash Flow Swaps Accumulated Other Comprehensive Loss As of December 31, 2016 $ (9.9 ) $ (8.6 ) $ — $ (18.5 ) Other comprehensive income (loss) before reclassifications 11.8 (1.4 ) — 10.4 Amortization of actuarial losses reclassified to net income (a) — 0.4 — 0.4 Total other comprehensive income (loss), net of tax 11.8 (1.0 ) — 10.8 As of December 31, 2017 1.9 (9.6 ) — (7.7 ) Other comprehensive income (loss) before reclassifications (14.5 ) 1.9 (2.4 ) (15.0 ) Amortization of actuarial losses reclassified to net income (a) — 0.7 — 0.7 Total other comprehensive income, net of tax (14.5 ) 2.6 (2.4 ) (14.3 ) As of December 31, 2018 (12.6 ) (7.0 ) (2.4 ) (22.0 ) Other comprehensive income (loss) before reclassifications 8.2 (2.0 ) (2.2 ) 4.0 Amortization of actuarial losses reclassified to net income (a) — 0.3 — 0.3 Total other comprehensive income (loss), net of tax 8.2 (1.7 ) (2.2 ) 4.3 As of December 31, 2019 $ (4.4 ) $ (8.7 ) $ (4.6 ) $ (17.7 ) (a) See Note 16. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenues by source: Years Ended December 31, (in millions) 2019 2018 2017 Billboard: Static displays $ 894.1 $ 858.1 $ 839.7 Digital displays 252.7 216.1 173.7 Other 43.1 38.2 45.6 Billboard revenues 1,189.9 1,112.4 1,059.0 Transit: Static displays 370.7 339.9 339.5 Digital displays 112.4 59.6 45.3 Other 43.5 39.5 35.9 Total transit revenues 526.6 439.0 420.7 Sports marketing and other 65.7 54.8 40.8 Transit and other revenues 592.3 493.8 461.5 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 |
Revenue from External Customers by Geographic Areas | The following table summarizes revenues by geography: Years Ended December 31, (in millions) 2019 2018 2017 United States: Billboard $ 1,114.9 $ 1,040.8 $ 997.9 Transit and other 513.8 426.0 408.6 Sports marketing and other 65.7 54.8 40.8 Total United States revenues 1,694.4 1,521.6 1,447.3 Canada 87.8 84.6 73.2 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 Year Ended December 31, (in millions) 2019 2018 2017 Revenues (a) : United States $ 1,694.4 $ 1,521.6 $ 1,447.3 Canada 87.8 84.6 73.2 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 (a) Revenues classifications are based on the geography of the advertising. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for 2019 , 2018 and 2017 . Year Ended December 31, (in millions) 2019 2018 2017 RSUs and PRSUs $ 22.3 $ 20.2 $ 20.3 Stock options — — 0.2 Stock-based compensation expense, before income taxes 22.3 20.2 20.5 Tax benefit (1.5 ) (1.3 ) (2.0 ) Stock-based compensation expense, net of tax $ 20.8 $ 18.9 $ 18.5 |
Activity of RSUs and PRSUs issued to our employees | The following table summarizes the 2019 activity of the RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2018 1,723,980 $ 22.39 Granted: RSUs 853,965 21.73 PRSUs 376,418 21.41 Vested: RSUs (602,181 ) 22.05 PRSUs (246,542 ) 21.99 Forfeitures: RSUs (69,122 ) 22.00 PRSUs (11,750 ) 21.77 Non-vested as of December 31, 2019 2,024,768 22.09 |
Activity of stock options issued to our employees | The following table summarizes the activity of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2018 141,847 $ 23.08 Exercised (15,319 ) 10.78 Outstanding as of December 31, 2019 126,528 24.57 Exercisable as of December 31, 2019 126,528 24.57 |
Cash proceeds received and tax benefit from stock option exercises | The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2019 2018 2017 Tax benefit of stock option exercises $ — $ — $ 0.1 Intrinsic value of stock option exercises 0.1 0.4 2.1 |
Stock options outstanding and exercisable by price | The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2019 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $10 to 14.99 13,169 0.15 $ 13.68 13,169 $ 13.68 $20 to 24.99 9,946 1.12 20.07 9,946 20.07 $25 to 29.99 103,413 1.72 26.39 103,413 26.39 126,528 126,528 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Change in benefit obligation | The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2019 2018 2017 Benefit obligation, beginning of year $ 49.9 $ 57.8 $ 48.3 Service cost 1.7 1.8 1.6 Interest cost 2.1 2.0 2.0 Actuarial (gain) loss 8.8 (5.6 ) 3.7 Benefits paid (2.6 ) (2.0 ) (1.4 ) Cumulative translation adjustments 2.2 (4.1 ) 3.6 Benefit obligation, end of year $ 62.1 $ 49.9 $ 57.8 |
Change in plan assets | The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2019 2018 Fair value of plan assets, beginning of year $ 47.5 $ 52.3 Actual return on plan assets 8.8 (0.9 ) Employer contributions 1.5 2.0 Benefits paid (2.6 ) (2.0 ) Cumulative translation adjustments 2.1 (3.9 ) Fair value of plan assets, end of year $ 57.3 $ 47.5 |
Funded status and amounts recognized in consolidated statement of financial position | The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2019 2018 Unfunded status, end of year $ (4.7 ) $ (2.4 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (4.7 ) (2.4 ) Net amounts recognized (4.7 ) (2.4 ) |
Amounts recognized in accumulated other comprehensive income (loss) | The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2019 2018 Net actuarial loss $ (11.6 ) $ (9.3 ) Deferred income taxes 2.9 2.3 Net amount recognized in accumulated other comprehensive loss $ (8.7 ) $ (7.0 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2019 2018 Projected benefit obligation $ 62.1 $ 49.9 Accumulated benefit obligation 57.6 46.9 Fair value of plan assets 57.3 47.5 |
Schedule of Net Benefit Costs | The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2019 2018 2017 Service cost $ 1.7 $ 1.8 $ 1.6 Interest cost 2.1 2.0 2.0 Expected return on plan assets (2.4 ) (2.6 ) (2.3 ) Amortization of actuarial losses (a) 0.4 0.7 0.6 Amortization of transitional obligation — — (0.1 ) Settlement cost — 0.1 — Net periodic pension cost $ 1.8 $ 2.0 $ 1.8 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | (in millions) Year Ended December 31, 2019 Actuarial gains $ (2.3 ) Amortization of actuarial losses (a) 0.4 Cumulative translation adjustments (0.4 ) (2.3 ) Deferred income taxes 0.6 Recognized in other comprehensive income, net of tax $ (1.7 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Weighted average assumptions used to determine benefit obligations and net periodic cost | As of and for the Year Ended December 31, 2019 2018 Weighted average assumptions used to determine benefit obligations: Discount rate 3.0 % 4.0 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 4.0 3.5 Expected long-term return on plan assets 5.0 5.1 Rate of compensation increase 3.0 3.0 |
Pension plan assets categorized according to the FASB fair value hierarchy | The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2019 and 2018 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2019 (in millions) Level 1 Level 2 Level 3 Total Fixed income securities: Corporate bonds (a) $ 0.8 $ — $ — $ 0.8 Equity securities : U.S. equity 0.8 — — 0.8 International equity 0.3 — — 0.3 Insurance contracts — — 3.7 3.7 Total assets in fair value hierarchy $ 1.9 $ — $ 3.7 $ 5.6 Common collective funds measured at net asset value 51.7 Total assets $ 57.3 As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Fixed income securities: Corporate bonds (a) $ 0.7 $ — $ — $ 0.7 Equity securities : U.S. equity 0.6 — — 0.6 International equity 0.3 — — 0.3 Insurance contracts — — 3.6 3.6 Total assets in fair value hierarchy $ 1.6 $ — $ 3.6 $ 5.2 Common collective funds measured at net asset value 42.3 Total assets $ 47.5 (a) Securities of diverse industries, substantially all investment grade. |
Significant changes in Level 3 plan assets | Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2019 2018 Insurance contracts: Beginning of year $ 3.6 $ 4.4 Payments (0.4 ) (0.5 ) Actuarial loss 0.2 (0.1 ) Interest income 0.1 0.1 Cumulative translation adjustments 0.2 (0.3 ) End of year $ 3.7 $ 3.6 |
Schedule of Expected Benefit Payments | (in millions) 2020 2021 2022 2023 2024 2025-2029 Estimated future benefit payments for pension plans 1.9 2.0 2.1 2.2 2.4 14.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The U.S. and foreign components of Income before provision for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2019 2018 2017 United States $ 144.3 $ 157.3 $ 139.2 Foreign 1.5 (48.6 ) (14.1 ) Income before provision for income taxes and equity in earnings of investee companies $ 145.8 $ 108.7 $ 125.1 |
Book Income (Loss) To REIT Taxable Income Reconciliation | The following table reconciles Income before provision for income taxes and equity in earnings of investee companies to REIT taxable income. Year Ended December 31, (in millions) 2019 2018 2017 Income before provision for income taxes and equity in earnings of investee companies $ 145.8 $ 108.7 $ 125.1 Net (income) loss of TRSs (16.4 ) 38.4 (2.4 ) Income from REIT operations 129.4 147.1 122.7 Book depreciation in excess of tax depreciation 21.5 24.4 29.5 Book amortization in excess of tax amortization (6.8 ) (10.6 ) (1.8 ) Tax dividend from foreign subsidiary (a) 0.5 2.1 5.6 Book/tax differences - stock-based compensation 1.5 (1.4 ) (2.2 ) Book/tax differences - deferred gain for tax (3.2 ) (1.4 ) (13.1 ) Book/tax differences - capitalized costs 5.0 6.4 5.7 Book/tax differences - executive compensation 7.8 7.5 1.1 Book/tax differences - leases 6.2 1.5 2.8 Book/tax differences - other 9.4 2.1 (4.1 ) REIT taxable income (estimated) $ 171.3 $ 177.7 $ 146.2 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Provision for income taxes are as follows: Year Ended December 31, (in millions) 2019 2018 2017 Current: Federal $ (5.3 ) $ (2.4 ) $ (6.9 ) State and local (4.0 ) (2.3 ) (2.2 ) Foreign (1.4 ) (0.6 ) 0.1 (10.7 ) (5.3 ) (9.0 ) Deferred tax benefit (liability): Federal 0.3 (1.0 ) (2.2 ) State and local 0.2 (0.4 ) (0.1 ) Foreign (0.7 ) 1.8 7.2 (0.2 ) 0.4 4.9 Provision for income taxes $ (10.9 ) $ (4.9 ) $ (4.1 ) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017, and the Provision for income taxes is summarized as follows: Year Ended December 31, (in millions) 2019 2018 2017 Provision for income taxes on income at U.S. statutory rate $ (31.6 ) $ (22.8 ) $ (43.8 ) REIT dividends paid deduction 27.9 30.9 42.9 State and local taxes, net of federal tax benefit (2.7 ) (2.3 ) (1.6 ) Effect of foreign operations (1.5 ) (9.3 ) 2.4 Resolution of prior year tax (3.0 ) — — Effect of the Tax Act on net deferred tax assets (a) — — (2.1 ) Gain on dispositions (0.3 ) (0.5 ) (0.9 ) Other, net 0.3 (0.9 ) (1.0 ) Provision for income taxes $ (10.9 ) $ (4.9 ) $ (4.1 ) (a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017. |
Schedule of Deferred Tax Assets and Liabilities | The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2019 2018 Deferred income tax assets: Provision for expenses and losses $ 0.3 $ 1.1 Postretirement and other employee benefits 2.4 3.6 Tax credit and loss carryforwards 0.4 0.8 Total deferred income tax assets 3.1 5.5 Valuation allowance (0.4 ) — Deferred income tax assets, net 2.7 5.5 Deferred income tax liabilities: Property, equipment and intangible assets (18.3 ) (19.5 ) Total deferred income tax liabilities (18.3 ) (19.5 ) Deferred income tax liabilities, net $ (15.6 ) $ (14.0 ) |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, (in millions) 2019 2018 2017 Net income available for common stockholders $ 140.1 $ 107.9 $ 125.8 Less: Distributions to holders of Class A equity interests of a subsidiary (b) 1.9 2.7 1.4 Net income available for common stockholders, basic and diluted $ 138.2 $ 105.2 $ 124.4 Weighted average shares for basic EPS 142.5 139.3 138.5 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.7 0.3 0.4 Weighted average shares for diluted EPS (a)(b) 143.2 139.6 138.9 (a) The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019 , 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive. (b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019 , 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2019 , guaranteed minimum annual payments are as follows: (in millions) Guaranteed Minimum Annual Payments 2020 $ 227.9 2021 227.3 2022 222.6 2023 225.0 2024 226.6 2025 and thereafter 774.4 Total minimum payments $ 1,903.8 |
MTA Agreement schedule | (in millions) Beginning Balance Deployment Costs Incurred Recoupment Amortization Ending Balance Year Ended December 31, 2019: Prepaid MTA equipment deployment costs $ 79.5 $ 124.2 $ (32.2 ) $ — $ 171.5 Intangible assets (franchise agreements) 14.8 26.6 — (3.1 ) 38.3 Total $ 94.3 $ 150.8 $ (32.2 ) $ (3.1 ) $ 209.8 Year Ended December 31, 2018: Prepaid MTA equipment deployment costs $ 4.7 $ 76.5 $ (1.7 ) $ — $ 79.5 Intangible assets (franchise agreements) 0.9 14.7 — (0.8 ) 14.8 Total $ 5.6 $ 91.2 $ (1.7 ) $ (0.8 ) $ 94.3 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Year Ended December 31, (in millions) 2019 2018 2017 Revenues: U.S. Media $ 1,628.7 $ 1,466.8 $ 1,406.5 Other 153.5 139.4 114.0 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 |
Adjusted OIBDA by segment and Reconciliation to Consolidated Net Income | Year Ended December 31, (in millions) 2019 2018 2017 Net income before allocation to non-controlling interests $ 140.6 $ 107.9 $ 125.8 Provision for income taxes 10.9 4.9 4.1 Equity in earnings of investee companies, net of tax (5.7 ) (4.1 ) (4.8 ) Interest expense, net 134.9 125.7 116.9 Loss on extinguishment of debt 28.5 — — Other (income) expense, net (0.1 ) 0.4 (0.3 ) Operating income 309.1 234.8 241.7 Restructuring charges 0.3 2.1 6.4 Net gain on dispositions (3.8 ) (5.5 ) (14.3 ) Impairment charge — 42.9 — Depreciation and amortization 194.5 185.0 189.8 Stock-based compensation 22.3 20.2 20.5 Total Adjusted OIBDA $ 522.4 $ 479.5 $ 444.1 Adjusted OIBDA: U.S. Media $ 546.3 $ 500.2 $ 478.1 Other 22.1 17.3 8.4 Corporate (46.0 ) (38.0 ) (42.4 ) Total Adjusted OIBDA $ 522.4 $ 479.5 $ 444.1 |
Tabular Disclosure by Reportable Segments | Year Ended December 31, (in millions) 2019 2018 2017 Operating income (loss): U.S. Media $ 376.3 $ 342.8 $ 320.6 Other 1.4 (49.4 ) (16.0 ) Corporate (68.6 ) (58.6 ) (62.9 ) Total operating income $ 309.1 $ 234.8 $ 241.7 Net (gain) loss on dispositions: U.S. Media $ (3.9 ) $ (5.3 ) $ (14.4 ) Other 0.1 (0.2 ) 0.1 Total gain on dispositions $ (3.8 ) $ (5.5 ) $ (14.3 ) Depreciation and amortization: U.S. Media $ 173.9 $ 161.8 $ 169.6 Other 20.6 23.2 20.2 Total depreciation and amortization $ 194.5 $ 185.0 $ 189.8 Capital expenditures: U.S. Media $ 86.7 $ 73.0 $ 63.9 Other 3.2 9.3 6.9 Total capital expenditures $ 89.9 $ 82.3 $ 70.8 |
Reconciliation of Assets from Segment to Consolidated | As of December 31, (in millions) 2019 2018 2017 Assets: U.S. Media $ 5,077.1 $ 3,610.0 $ 3,528.8 Other 284.0 202.5 263.8 Corporate 21.2 16.2 15.6 Total assets $ 5,382.3 $ 3,828.7 $ 3,808.2 |
Schedule of Revenue from External Customers by Geographic Area | The following table summarizes revenues by geography: Years Ended December 31, (in millions) 2019 2018 2017 United States: Billboard $ 1,114.9 $ 1,040.8 $ 997.9 Transit and other 513.8 426.0 408.6 Sports marketing and other 65.7 54.8 40.8 Total United States revenues 1,694.4 1,521.6 1,447.3 Canada 87.8 84.6 73.2 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 Year Ended December 31, (in millions) 2019 2018 2017 Revenues (a) : United States $ 1,694.4 $ 1,521.6 $ 1,447.3 Canada 87.8 84.6 73.2 Total revenues $ 1,782.2 $ 1,606.2 $ 1,520.5 (a) Revenues classifications are based on the geography of the advertising. |
Long-lived Assets by Geographic Areas | As of December 31, (in millions) 2019 2018 2017 Long-lived assets (a) : United States $ 4,722.1 $ 3,255.0 3,216.4 Canada 203.0 122.5 189.1 Total long-lived assets $ 4,925.1 $ 3,377.5 $ 3,405.5 (a) Reflects total assets less current assets, investments and non-current deferred tax assets. |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet | As of December 31, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 12.7 $ 1.1 $ 45.3 $ — $ 59.1 Receivables, less allowances — — — 320.8 (30.8 ) 290.0 Other current assets — 1.0 169.7 76.9 (160.9 ) 86.7 Total current assets — 13.7 170.8 443.0 (191.7 ) 435.8 Property and equipment, net — — 618.2 48.0 — 666.2 Goodwill — — 2,059.9 23.2 — 2,083.1 Intangible assets — — 479.5 71.4 — 550.9 Operating lease assets — — 1,344.3 112.7 — 1,457.0 Investment in subsidiaries 1,093.8 3,330.0 331.6 — (4,755.4 ) — Prepaid MTA equipment deployment costs — — 116.1 — — 116.1 Other assets — 3.5 65.8 3.9 — 73.2 Intercompany — — 77.5 87.6 (165.1 ) — Total assets $ 1,093.8 $ 3,347.2 $ 5,263.7 $ 789.8 $ (5,112.2 ) $ 5,382.3 Total current liabilities $ — $ 26.7 $ 590.5 $ 224.5 $ (191.7 ) $ 650.0 Long-term debt, net — 2,222.1 — — — 2,222.1 Deferred income tax liabilities, net — — — 18.0 — 18.0 Asset retirement obligation — — 30.6 4.5 — 35.1 Operating lease liabilities — — 1,188.0 97.1 — 1,285.1 Deficit in excess of investment of subsidiaries — — 2,236.2 — (2,236.2 ) — Other liabilities — 4.6 37.0 4.0 — 45.6 Intercompany — — 87.6 77.5 (165.1 ) — Total liabilities — 2,253.4 4,169.9 425.6 (2,593.0 ) 4,255.9 Total stockholders’ equity 1,093.8 1,093.8 1,093.8 331.6 (2,519.2 ) 1,093.8 Non-controlling interests — — — 32.6 — 32.6 Total equity 1,093.8 1,093.8 1,093.8 364.2 (2,519.2 ) 1,126.4 Total liabilities and equity $ 1,093.8 $ 3,347.2 $ 5,263.7 $ 789.8 $ (5,112.2 ) $ 5,382.3 As of December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 12.0 $ — $ 40.7 $ — $ 52.7 Receivables, less allowances — — 52.7 232.1 (19.9 ) 264.9 Other current assets — 1.0 176.3 81.5 (146.9 ) 111.9 Total current assets — 13.0 229.0 354.3 (166.8 ) 429.5 Property and equipment, net — — 604.3 48.6 — 652.9 Goodwill — — 2,059.9 19.8 — 2,079.7 Intangible assets — — 478.4 58.8 — 537.2 Investment in subsidiaries 1,102.8 3,257.5 261.9 — (4,622.2 ) — Prepaid MTA equipment deployment costs — — 60.6 — — 60.6 Other assets — 2.3 63.4 3.1 — 68.8 Intercompany — — 81.0 100.7 (181.7 ) — Total assets $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 Total current liabilities $ — $ 18.0 $ 375.5 $ 175.9 $ (166.8 ) $ 402.6 Long-term debt, net — 2,149.6 — — — 2,149.6 Deferred income tax liabilities, net — — — 17.0 — 17.0 Asset retirement obligation — — 29.9 4.3 — 34.2 Deficit in excess of investment of subsidiaries — — 2,154.7 — (2,154.7 ) — Other liabilities — 2.4 74.9 2.7 — 80.0 Intercompany — — 100.7 81.0 (181.7 ) — Total liabilities — 2,170.0 2,735.7 280.9 (2,503.2 ) 2,683.4 Total stockholders’ equity 1,102.8 1,102.8 1,102.8 261.9 (2,467.5 ) 1,102.8 Non-controlling interests — — — 42.5 — 42.5 Total equity 1,102.8 1,102.8 1,102.8 304.4 (2,467.5 ) 1,145.3 Total liabilities and stockholders’ equity $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 |
Condensed Income Statement | Year Ended December 31, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,109.9 $ 80.0 $ — $ 1,189.9 Transit and other — — 579.5 12.8 — 592.3 Total revenues — — 1,689.4 92.8 — 1,782.2 Expenses: Operating — — 906.3 52.3 — 958.6 Selling, general and administrative 1.6 0.5 311.2 10.2 — 323.5 Restructuring charges — — 0.3 — — 0.3 Net gain on dispositions — — (3.8 ) — — (3.8 ) Depreciation — — 76.8 10.5 — 87.3 Amortization — — 97.8 9.4 — 107.2 Total expenses 1.6 0.5 1,388.6 82.4 — 1,473.1 Operating income (loss) (1.6 ) (0.5 ) 300.8 10.4 — 309.1 Interest expense, net — (127.1 ) (2.5 ) (5.3 ) — (134.9 ) Loss on extinguishment of debt — (28.5 ) — — — (28.5 ) Other income, net — — — 0.1 — 0.1 Income (loss) before provision for income taxes and equity in earnings of investee companies (1.6 ) (156.1 ) 298.3 5.2 — 145.8 Provision for income taxes — — (8.8 ) (2.1 ) — (10.9 ) Equity in earnings of investee companies, net of tax 141.7 297.8 (147.8 ) 1.1 (287.1 ) 5.7 Net income before allocation to non-controlling interests $ 140.1 $ 141.7 $ 141.7 $ 4.2 $ (287.1 ) $ 140.6 Net income attributable to non-controlling interests — — — 0.5 — 0.5 Net income attributable to Outfront Media Inc. 140.1 141.7 141.7 3.7 (287.1 ) 140.1 Net income attributable to Outfront Media Inc. $ 140.1 $ 141.7 $ 141.7 $ 3.7 $ (287.1 ) $ 140.1 Total other comprehensive income, net of tax 4.3 4.3 4.3 6.5 (15.1 ) 4.3 Total comprehensive income $ 144.4 $ 146.0 $ 146.0 $ 10.2 $ (302.2 ) $ 144.4 Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,040.1 $ 72.3 $ — $ 1,112.4 Transit and other — — 480.8 13.0 — 493.8 Total revenues — — 1,520.9 85.3 — 1,606.2 Expenses: Operating — — 808.3 51.6 — 859.9 Selling, general and administrative 1.6 0.2 276.6 8.6 — 287.0 Restructuring charges — — 2.1 — — 2.1 Net gain on dispositions — — (5.3 ) (0.2 ) — (5.5 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 73.3 12.6 — 85.9 Amortization — — 90.2 8.9 — 99.1 Total expenses 1.6 0.2 1,245.2 124.4 — 1,371.4 Operating income (loss) (1.6 ) (0.2 ) 275.7 (39.1 ) — 234.8 Interest expense, net — (118.4 ) (3.8 ) (3.5 ) — (125.7 ) Other expenses, net — — — (0.4 ) — (0.4 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (118.6 ) 271.9 (43.0 ) — 108.7 Benefit (provision) for income taxes — — (6.1 ) 1.2 — (4.9 ) Equity in earnings of investee companies, net of tax 109.5 228.1 (156.3 ) 1.1 (178.3 ) 4.1 Net income (loss) attributable to OUTFRONT Media Inc. $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Net income (loss) attributable to OUTFRONT Media Inc. $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Total other comprehensive loss, net of tax (14.3 ) (14.3 ) (14.3 ) (12.1 ) 40.7 (14.3 ) Total comprehensive income (loss) $ 93.6 $ 95.2 $ 95.2 $ (52.8 ) $ (137.6 ) $ 93.6 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 997.5 $ 61.5 $ — $ 1,059.0 Transit and other — — 449.4 12.1 — 461.5 Total revenues — — 1,446.9 73.6 — 1,520.5 Expenses: Operating — — 784.6 50.6 — 835.2 Selling, general and administrative 1.6 0.9 246.2 13.0 — 261.7 Restructuring charges — — 2.5 3.9 — 6.4 Net (gain) loss on dispositions — — (14.4 ) 0.1 — (14.3 ) Depreciation — — 77.3 12.4 — 89.7 Amortization — — 94.0 6.1 — 100.1 Total expenses 1.6 0.9 1,190.2 86.1 — 1,278.8 Operating income (loss) (1.6 ) (0.9 ) 256.7 (12.5 ) — 241.7 Interest expense, net — (113.9 ) (2.3 ) (0.7 ) — (116.9 ) Other income, net — — — 0.3 — 0.3 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (114.8 ) 254.4 (12.9 ) — 125.1 Benefit (provision) for income taxes — — (11.3 ) 7.2 — (4.1 ) Equity in earnings of investee companies, net of tax 127.4 242.2 (115.7 ) 0.8 (249.9 ) 4.8 Net income (loss) attributable to OUTFRONT Media Inc. $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Net income (loss) attributable to OUTFRONT Media Inc. $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Total other comprehensive income, net of tax 10.8 10.8 10.8 10.8 (32.4 ) 10.8 Total comprehensive income $ 136.6 $ 138.2 $ 138.2 $ 5.9 $ (282.3 ) $ 136.6 |
Condensed Cash Flow Statement | Year Ended December 31, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.6 ) $ (111.8 ) $ 375.7 $ 14.6 $ — $ 276.9 Investing activities: Capital expenditures — — (87.0 ) (2.9 ) — (89.9 ) Acquisitions — — (69.7 ) — — (69.7 ) MTA franchise rights — — (24.0 ) — — (24.0 ) Proceeds from dispositions — — 5.8 — — 5.8 Return of investment in investee companies — — 1.5 — — 1.5 Net cash flow used for investing activities — — (173.4 ) (2.9 ) — (176.3 ) Financing activities: Proceeds from long-term debt borrowings — 1,270.0 — — — 1,270.0 Repayments of long-term debt borrowings — (1,191.5 ) — — — (1,191.5 ) Proceeds from borrowings under short-term debt facilities — — 180.0 325.0 — 505.0 Repayments of borrowings under short-term debt facilities — — (165.0 ) (305.0 ) — (470.0 ) Payments of deferred financing costs — (21.9 ) (0.2 ) — — (22.1 ) Payments of debt extinguishment charges — (20.6 ) — — — (20.6 ) Proceeds from shares issued under the ATM Program 50.9 — — — — 50.9 Taxes withheld for stock-based compensation — — (7.9 ) — — (7.9 ) Dividends (206.2 ) — — (1.9 ) — (208.1 ) Intercompany 156.9 76.5 (207.7 ) (25.7 ) — — Net cash flow provided by (used for) financing activities 1.6 112.5 (200.8 ) (7.6 ) — (94.3 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — 0.5 — 0.5 Net increase in cash, cash equivalents and restricted cash — 0.7 1.5 4.6 — 6.8 Cash, cash equivalents and restricted cash at beginning of period — 12.0 1.4 40.7 — 54.1 Cash, cash equivalents and restricted cash at end of period $ — $ 12.7 $ 2.9 $ 45.3 $ — $ 60.9 Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.6 ) $ (110.6 ) $ 331.8 $ (5.3 ) $ — $ 214.3 Investing activities: Capital expenditures — — (70.0 ) (12.3 ) — (82.3 ) Acquisitions — — (7.0 ) — — (7.0 ) MTA franchise rights — — (13.3 ) — — (13.3 ) Proceeds from dispositions — — 7.6 0.3 — 7.9 Return of investment in investee companies — — 4.3 — — 4.3 Net cash flow used for investing activities — — (78.4 ) (12.0 ) — (90.4 ) Financing activities: Proceeds from long-term debt borrowings — 104.0 — — — 104.0 Repayments of long-term debt borrowings — (104.0 ) — — — (104.0 ) Proceeds from borrowings under short-term debt facilities — — 75.0 170.0 — 245.0 Repayments of borrowings under short-term debt facilities — — — (165.0 ) — (165.0 ) Payments of deferred financing costs — (0.2 ) — (0.1 ) — (0.3 ) Proceeds from shares issued under the ATM Program 15.3 — — — — 15.3 Earnout payment related to prior acquisition — — (0.4 ) — — (0.4 ) Taxes withheld for stock-based compensation — — (8.4 ) — — (8.4 ) Dividends (201.2 ) — — (2.7 ) — (203.9 ) Intercompany 187.5 112.6 (321.9 ) 21.8 — — Net cash flow provided by (used for) financing activities 1.6 112.4 (255.7 ) 24.0 — (117.7 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — (0.4 ) — (0.4 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 1.8 (2.3 ) 6.3 — 5.8 Cash, cash equivalents and restricted cash at beginning of period — 10.2 3.7 34.4 — 48.3 Cash, cash equivalents and restricted cash at end of period $ — $ 12.0 $ 1.4 $ 40.7 $ — $ 54.1 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.7 ) $ (108.5 ) $ 329.5 $ 30.0 $ — $ 249.3 Investing activities: Capital expenditures — — (63.6 ) (7.2 ) — (70.8 ) Acquisitions — — (17.6 ) (51.6 ) — (69.2 ) MTA franchise rights — — (0.9 ) — — (0.9 ) Proceeds from dispositions — — 5.5 0.1 — 5.6 Net cash flow used for investing activities — — (76.6 ) (58.7 ) — (135.3 ) Financing activities: Proceeds from long-term debt borrowings — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — 160.0 — 250.0 Repayments of borrowings under short-term debt facilities — (90.0 ) — (80.0 ) — (170.0 ) Payments of deferred financing costs — (8.0 ) — (0.5 ) — (8.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Earnout payment related to prior acquisition — — (2.0 ) — — (2.0 ) Taxes withheld for stock-based compensation — — (8.5 ) — — (8.5 ) Dividends (200.4 ) — — (1.4 ) — (201.8 ) Intercompany 200.9 107.0 (274.3 ) (33.6 ) — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 1.7 107.3 (285.0 ) 44.5 — (131.5 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — 0.6 — 0.6 Net increase (decrease) in cash, cash equivalents and restricted cash — (1.2 ) (32.1 ) 16.4 — (16.9 ) Cash, cash equivalents and restricted cash at beginning of period — 11.4 35.8 18.0 — 65.2 Cash, cash equivalents and restricted cash at end of period $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | 2019 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 338.4 $ 419.6 $ 422.7 $ 448.0 $ 1,628.7 Other 33.3 40.3 39.8 40.1 153.5 Total revenues $ 371.7 $ 459.9 $ 462.5 $ 488.1 $ 1,782.2 Adjusted OIBDA: U.S. Media $ 94.6 $ 145.8 $ 147.3 $ 158.6 $ 546.3 Other 1.2 8.8 4.3 7.8 22.1 Corporate (9.0 ) (11.0 ) (11.3 ) (14.7 ) (46.0 ) Total Adjusted OIBDA 86.8 143.6 140.3 151.7 522.4 Restructuring charges (0.3 ) — — — (0.3 ) Net gain (loss) on dispositions 1.5 (0.4 ) 1.9 0.8 3.8 Depreciation (21.1 ) (21.4 ) (22.4 ) (22.4 ) (87.3 ) Amortization (24.7 ) (27.6 ) (28.7 ) (26.2 ) (107.2 ) Stock-based compensation (5.3 ) (5.5 ) (5.6 ) (5.9 ) (22.3 ) Total operating income $ 36.9 $ 88.7 $ 85.5 $ 98.0 $ 309.1 Operating income (loss): U.S. Media $ 55.5 $ 101.9 $ 103.1 $ 115.8 $ 376.3 Other (4.0 ) 3.3 (0.7 ) 2.8 1.4 Corporate (14.6 ) (16.5 ) (16.9 ) (20.6 ) (68.6 ) Total operating income $ 36.9 $ 88.7 $ 85.5 $ 98.0 $ 309.1 Net income attributable to OUTFRONT Media Inc. $ 6.1 $ 50.3 $ 38.7 $ 45.0 $ 140.1 Net income attributable to OUTFRONT Media Inc. per common share: Basic $ 0.04 $ 0.35 $ 0.27 $ 0.31 $ 0.97 Diluted $ 0.04 $ 0.35 $ 0.27 $ 0.31 $ 0.97 2018 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 309.9 $ 367.2 $ 379.7 $ 410.0 $ 1,466.8 Other 28.0 34.5 34.5 42.4 139.4 Total revenues $ 337.9 $ 401.7 $ 414.2 $ 452.4 $ 1,606.2 Adjusted OIBDA: U.S. Media $ 88.9 $ 131.2 $ 136.2 $ 143.9 $ 500.2 Other (0.8 ) 4.2 4.2 9.7 17.3 Corporate (6.9 ) (10.2 ) (11.1 ) (9.8 ) (38.0 ) Total Adjusted OIBDA 81.2 125.2 129.3 143.8 479.5 Restructuring charges (1.1 ) (0.2 ) (0.1 ) (0.7 ) (2.1 ) Net gain on dispositions 0.2 2.7 1.3 1.3 5.5 Impairment charge — (42.9 ) (a) — — (42.9 ) Depreciation (21.1 ) (21.3 ) (21.0 ) (22.5 ) (85.9 ) Amortization (22.5 ) (25.0 ) (25.8 ) (25.8 ) (99.1 ) Stock-based compensation (5.0 ) (5.6 ) (4.8 ) (4.8 ) (20.2 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Operating income (loss): U.S. Media $ 50.6 $ 93.8 $ 96.0 $ 102.4 $ 342.8 Other (7.0 ) (45.1 ) (1.2 ) 3.9 (49.4 ) Corporate (11.9 ) (15.8 ) (15.9 ) (15.0 ) (58.6 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Net income (loss) attributable to OUTFRONT Media Inc. $ 9.1 $ (5.2 ) $ 46.8 $ 57.2 $ 107.9 Net income (loss) attributable to OUTFRONT Media Inc. per common share: Basic $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.76 Diluted $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.75 |
II - Valuation and Qualifying_2
II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2019 $ 10.7 $ — $ 5.3 $ 0.1 $ 4.0 $ 12.1 Year ended December 31, 2018 11.5 — 1.9 (0.1 ) 2.6 10.7 Year ended December 31, 2017 9.2 — 4.4 0.1 2.2 11.5 Valuation allowance on deferred tax assets: Year ended December 31, 2019 $ — $ — $ 0.4 $ — $ — $ 0.4 Year ended December 31, 2018 — — — — — — Year ended December 31, 2017 — — — — — — |
III - Schedule of Real Estate_2
III - Schedule of Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2019 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 39,618 displays — (2) (2) (2) $ 81.1 $ 1,405.7 1,486.8 $ (1,113.2 ) Various Various 5 to 20 years Canada - 4,808 displays — (2) (2) (2) 2.2 284.7 286.9 (271.5 ) Various Various 5 to 20 years $ 83.3 $ 1,690.4 $ 1,773.7 $ (1,384.7 ) Structures added subsequent to January 1, 2014 United States - 2,039 displays $ 15.5 $ 165.4 $ (11.8 ) $ 15.5 $ 153.6 $ 169.1 $ (7.7 ) Various Various 5 to 20 years Canada - 258 displays — 22.1 — — 22.1 22.1 (1.6 ) Various Various 5 to 20 years $ 15.5 $ 187.5 $ (11.8 ) $ 15.5 $ 175.7 $ 191.2 $ (9.3 ) Total United States - 41,657 displays $ 96.6 $ 1,559.3 $ 1,655.9 $ (1,120.9 ) Various Various 5 to 20 years Canada - 5,066 displays 2.2 306.8 309.0 (273.1 ) Various Various 5 to 20 years $ 98.8 $ 1,866.1 $ 1,964.9 $ (1,394.0 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2019 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2019 2018 2017 Gross real estate assets: Balance at the beginning of the year $ 1,886.9 $ 1,845.2 $ 1,787.3 New Investments 25.0 27.2 22.0 Redevelopments 35.6 29.0 23.4 Recurring capital expenditures 10.2 12.8 13.0 Land acquisitions 2.1 3.5 4.6 Additions for construction of / improvements to structures 72.9 72.5 63.0 Assets sold or written-off (9.4 ) (2.9 ) (28.9 ) Foreign exchange 14.5 (27.9 ) 23.8 Balance at the end of the year $ 1,964.9 $ 1,886.9 $ 1,845.2 Accumulated depreciation: Balance at the beginning of the year $ 1,323.2 $ 1,280.7 $ 1,208.5 Depreciation 66.0 69.1 76.2 Assets sold or written-off (8.0 ) (2.3 ) (24.5 ) Foreign exchange 12.8 (24.3 ) 20.5 Balance at the end of the year $ 1,394.0 $ 1,323.2 $ 1,280.7 |
Description of Business and B_3
Description of Business and Basis of Presentation - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019marketssegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Largest Markets in Which the Entity Operates, Domestic | 25 |
Number of Markets in Which the Entity Operates | 150 |
Number of Operating Segments | segment | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building and building improvements | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Building and building improvements | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 40 years |
Advertising structures | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 5 years |
Advertising structures | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Furniture, equipment and other | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 3 years |
Furniture, equipment and other | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Mar. 31, 2019leases | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary of Accounting Policies [Line Items] | ||||
Equity method investment ownership percentage | 50.00% | |||
Customer Billing Term | 30 days | |||
Number of leases | leases | 23,600 | |||
Operating lease liability | $ 1,453.4 | $ 1,200 | ||
Operating lease asset | $ 1,457 | 1,200 | $ 0 | |
Net asset | 1,300 | |||
Cumulative effect of a new accounting standard | $ 24.8 | $ (24.8) | ||
Minimum | ||||
Summary of Accounting Policies [Line Items] | ||||
Equity method investment ownership percentage | 20.00% | |||
Intangible asset, useful life | 5 years | |||
Customer contract term | 28 days | |||
Operating lease term | 1 month | |||
Prepaid lease term | 1 month | |||
Maximum | ||||
Summary of Accounting Policies [Line Items] | ||||
Equity method investment ownership percentage | 50.00% | |||
Cost method investment ownership percentage | 20.00% | |||
Intangible asset, useful life | 40 years | |||
Customer contract term | 12 months | |||
Prepaid lease term | 12 months | |||
Direct Lease Acquisition Cost | Minimum | ||||
Summary of Accounting Policies [Line Items] | ||||
Intangible asset, useful life | 28 days | |||
Direct Lease Acquisition Cost | Maximum | ||||
Summary of Accounting Policies [Line Items] | ||||
Intangible asset, useful life | 1 year |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 59.1 | $ 52.7 | $ 48.3 | |
Restricted cash | 1.8 | 1.4 | 0 | |
Cash, cash equivalents and restricted cash | $ 60.9 | $ 54.1 | $ 48.3 | $ 65.2 |
Leases - Narrative Lessee (Deta
Leases - Narrative Lessee (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease assets | $ 1,457 | $ 0 | $ 1,200 | |
Short-term operating lease liabilities | 168.3 | 0 | ||
Operating lease liabilities | 1,285.1 | 0 | ||
Variable lease costs | $ 93 | |||
Rent expense | 393.6 | $ 377.7 | ||
Operating Leases, Rent Expense, Contingent Rentals | $ 91 | $ 84.7 | ||
Weighted average remaining lease term | 10 years 3 months 18 days | |||
Weighted average discount rate | 6.00% | |||
Cash paid for operating leases | $ 402.9 | |||
Operating lease asset obtained in exchange for operating lease liability | 421 | |||
Operating expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 406.8 | |||
Selling, general and administrative expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 8.6 |
Leases - Narrative Lessor (Deta
Leases - Narrative Lessor (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessor, Lease, Description [Line Items] | |||
Rental income | $ 1,149.8 | $ 1,076.9 | $ 1,001.8 |
Minimum | |||
Lessor, Lease, Description [Line Items] | |||
Customer lease term | 28 days | ||
Maximum | |||
Lessor, Lease, Description [Line Items] | |||
Customer lease term | 1 year |
Leases Minimum rental payments
Leases Minimum rental payments under operating leases (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 248.9 | |
2021 | 251.4 | |
2022 | 232.6 | |
2023 | 209.6 | |
2024 | 175.6 | |
2025 and thereafter | 910.5 | |
Total operating lease payments | 2,028.6 | |
Less: Interest | 575.2 | |
Present value of lease liabilities | $ 1,453.4 | $ 1,200 |
Leases Minimum rental payment_2
Leases Minimum rental payments under non-cancellable operating leases with original terms in excess of one year (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 154.8 |
2020 | 151.8 |
2021 | 139.1 |
2022 | 126.2 |
2023 | 109.8 |
2024 and thereafter | 574.6 |
Total minimum payments | $ 1,256.3 |
Leases Minimum rental payment_3
Leases Minimum rental payments to be received (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 495.5 |
2021 | 31.5 |
2022 | 8.6 |
2023 | 4.3 |
2024 | 3 |
2025 and thereafter | 0.9 |
Total minimum payments | $ 543.8 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property and Equipment [Line Items] | ||
Property and equipment | $ 2,193.8 | $ 2,089.2 |
Less: accumulated depreciation | 1,527.6 | 1,436.3 |
Property and equipment, net | 666.2 | 652.9 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 98.8 | 97.5 |
Building and building improvements | ||
Property and Equipment [Line Items] | ||
Property and equipment | 50.4 | 48.7 |
Advertising structures | ||
Property and Equipment [Line Items] | ||
Property and equipment | 1,866.1 | 1,789.4 |
Furniture, equipment and other | ||
Property and Equipment [Line Items] | ||
Property and equipment | 153.1 | 134.3 |
Construction in progress | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 25.4 | $ 19.3 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||||||||||
Depreciation | $ 22.4 | $ 22.4 | $ 21.4 | $ 21.1 | $ 22.5 | $ 21 | $ 21.3 | $ 21.1 | $ 87.3 | $ 85.9 | $ 89.7 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | $ 2,128 | $ 2,079.7 | $ 2,128 | |||||
Currency translation adjustments | 3.4 | (5.4) | ||||||
Impairment charge | $ 0 | $ 0 | $ (42.9) | 0 | 0 | (42.9) | $ 0 | |
Goodwill, Ending Balance | 2,079.7 | 2,083.1 | 2,079.7 | 2,128 | ||||
U.S. Media | ||||||||
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | 2,054 | 2,054 | 2,054 | |||||
Currency translation adjustments | 0 | 0 | ||||||
Impairment charge | 0 | |||||||
Goodwill, Ending Balance | 2,054 | 2,054 | 2,054 | 2,054 | ||||
Other | ||||||||
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | $ 74 | 25.7 | 74 | |||||
Currency translation adjustments | 3.4 | (5.4) | ||||||
Impairment charge | (42.9) | |||||||
Goodwill, Ending Balance | $ 25.7 | $ 29.1 | $ 25.7 | $ 74 | ||||
[1] | As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets : Goodwill |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - Goodwill - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Goodwill [Line Items] | ||||||||
Impairment charge | $ 0 | $ 0 | $ 42.9 | [1] | $ 0 | $ 0 | $ 42.9 | $ 0 |
[1] | As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets : Goodwill |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 1,697.8 | $ 1,625 | |
Accumulated Amortization | (1,146.9) | (1,087.8) | |
Intangible assets | 550.9 | 537.2 | |
Permits and leasehold agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,153.3 | 1,107.4 | [1] |
Accumulated Amortization | (735.7) | (697.6) | |
Intangible assets | 417.6 | 409.8 | |
Franchise agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 497.4 | 470.7 | |
Accumulated Amortization | (371.1) | (357.1) | |
Intangible assets | 126.3 | 113.6 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 47.1 | 46.9 | [1] |
Accumulated Amortization | (40.1) | (33.1) | |
Intangible assets | $ 7 | $ 13.8 | |
[1] | Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements). |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 58.7 |
2021 | 56.8 |
2022 | 51.5 |
2023 | 49.7 |
2024 | $ 47.4 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Narrative (Details) - Intangible Assets - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of intangible assets | $ 26.2 | $ 28.7 | $ 27.6 | $ 24.7 | $ 25.8 | $ 25.8 | $ 25 | $ 22.5 | $ 107.2 | $ 99.1 | $ 100.1 |
Amortization of direct lease acquisition costs | $ 48.2 | $ 43.2 | $ 40 | ||||||||
Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 5 years | ||||||||||
Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 40 years | ||||||||||
Direct Lease Acquisition Cost | Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 28 days | ||||||||||
Direct Lease Acquisition Cost | Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 1 year |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation, Expected Term | 50 years |
Asset Retirement Obligations, Description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning of period | $ 34.2 | $ 34.7 | |
Accretion expense | 2.5 | 2.4 | $ 2.3 |
Additions | 0.3 | 0.2 | |
Liabilities settled | (2.1) | (2.7) | |
Foreign currency translation adjustments | 0.2 | (0.4) | |
End of period | $ 35.1 | $ 34.2 | $ 34.7 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)joint_ventureDisplays | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Equity method investment ownership percentage | 50.00% | ||
Equity Method Investments | $ | $ 15.4 | $ 16.1 | |
Management fee revenue | $ | $ 8.4 | $ 7.8 | $ 7.4 |
Transit shelter joint ventures | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Number of Investments | joint_venture | 2 | ||
Acquired business | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Number of Investments | joint_venture | 5 | ||
Equity Method Investment, Number Of Displays | Displays | 11 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Nov. 18, 2019 | Nov. 17, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 15, 2019 |
Debt Instrument [Line Items] | |||||
Short-term debt | $ 195 | $ 160 | |||
Long-term debt, net | 2,222.1 | 2,149.6 | |||
Debt issuance costs | (27.1) | (20.4) | |||
Total debt, net | $ 2,417.1 | $ 2,309.6 | |||
Weighted average cost of debt | 4.50% | 5.10% | |||
Term loan, due 2026 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Nov. 18, 2026 | ||||
Term loan, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 16, 2024 | ||||
Secured debt | Term loan, due 2026 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Nov. 18, 2026 | ||||
Long-term debt, net | $ 597.5 | ||||
Secured debt | Term loan, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 16, 2024 | ||||
Long-term debt, net | $ 668.1 | ||||
Senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, net | $ 1,651.7 | $ 1,501.9 | |||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | |||
Debt interest rate percentage | 5.25% | 5.25% | 5.25% | ||
Long-term debt, net | $ 0 | $ 549.7 | |||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | |||
Debt interest rate percentage | 5.625% | 5.625% | |||
Long-term debt, net | $ 501.7 | $ 502.2 | |||
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | |||
Debt interest rate percentage | 5.875% | 5.875% | |||
Long-term debt, net | $ 0 | $ 450 | |||
Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Aug. 15, 2027 | ||||
Debt interest rate percentage | 5.00% | 5.00% | |||
Long-term debt, net | $ 650 | ||||
Senior unsecured notes | 4.625% senior unsecured notes, due 2030 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 15, 2030 | ||||
Debt interest rate percentage | 4.625% | 4.625% | |||
Long-term debt, net | $ 500 | ||||
Short-term debt | AR Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility borrowings | $ 105 | 85 | |||
Short-term debt | Repurchase Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility borrowings | 90 | 75 | |||
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, net | 650 | $ 0 | |||
Long-term debt | Senior unsecured notes | 4.625% senior unsecured notes, due 2030 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, net | $ 500 |
Debt - Narrative (Details) - De
Debt - Narrative (Details) - Debt Instruments $ in Millions | Dec. 18, 2019 | Nov. 18, 2019USD ($) | Nov. 17, 2019 | Jul. 15, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 25, 2020USD ($) |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, net | $ 2,222.1 | $ 2,222.1 | $ 2,149.6 | |||||||
Loss on extinguishment of debt | $ (28.5) | 0 | $ 0 | |||||||
Covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | |||||||||
Maximum consolidated total leverage ratio | 6 | |||||||||
Consolidated total leverage ratio | 4.4 | |||||||||
Deferred financing costs | 36.2 | $ 36.2 | ||||||||
Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Fair Value | $ 2,500 | $ 2,500 | $ 2,300 | |||||||
Term loan, due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Mar. 16, 2024 | |||||||||
Term loan, due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Nov. 18, 2026 | |||||||||
4.625% senior unsecured notes, due 2030 | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of debt outstanding | 50.00% | |||||||||
4.625% senior unsecured notes, due 2030 | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of redeemable debt | 40.00% | |||||||||
Secured debt | Term loan, due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Mar. 16, 2024 | |||||||||
Interest rate margins | 1.00% | |||||||||
Long-term debt, net | $ 668.1 | |||||||||
Secured debt | Term loan, due 2024 | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margins | 2.00% | |||||||||
Secured debt | Term loan, due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Nov. 18, 2026 | |||||||||
Debt face amount | $ 600 | |||||||||
Interest rate margins | 0.75% | |||||||||
Interest rate at period end | 3.50% | 3.50% | ||||||||
Debt discount | $ 2.5 | $ 2.5 | ||||||||
Long-term debt, net | 597.5 | 597.5 | ||||||||
Secured debt | Term loan, due 2026 | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margins | 1.75% | |||||||||
Senior unsecured notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, net | 1,651.7 | $ 1,651.7 | $ 1,501.9 | |||||||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | ||||||||
Repurchase date | Jul. 15, 2019 | |||||||||
Long-term debt, net | $ 0 | $ 0 | $ 549.7 | |||||||
Debt interest rate percentage | 5.25% | 5.25% | 5.25% | 5.25% | ||||||
Loss on extinguishment of debt | $ 11 | |||||||||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | ||||||||
Debt face amount | $ 100 | $ 100 | ||||||||
Long-term debt, net | $ 501.7 | $ 501.7 | $ 502.2 | |||||||
Debt interest rate percentage | 5.625% | 5.625% | 5.625% | |||||||
Debt Instrument, Unamortized Premium | $ 1.7 | $ 1.7 | ||||||||
Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Aug. 15, 2027 | |||||||||
Long-term debt, net | $ 650 | |||||||||
Debt interest rate percentage | 5.00% | 5.00% | 5.00% | |||||||
Senior unsecured notes | 4.625% senior unsecured notes, due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Mar. 15, 2030 | |||||||||
Long-term debt, net | $ 500 | |||||||||
Debt interest rate percentage | 4.625% | 4.625% | 4.625% | |||||||
Debt of first required payment | Mar. 15, 2020 | |||||||||
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | ||||||||
Repurchase date | Dec. 18, 2019 | |||||||||
Long-term debt, net | $ 0 | $ 0 | $ 450 | |||||||
Debt interest rate percentage | 5.875% | 5.875% | 5.875% | |||||||
Loss on extinguishment of debt | $ 17.5 | |||||||||
Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Nov. 18, 2024 | Mar. 16, 2022 | ||||||||
Debt Covenant, Maximum Consolidated Net Secured Coverage Ratio, REIT Election | 4.5 | |||||||||
Increase in borrowing capacity | $ 70 | |||||||||
Maximum borrowing capacity | 500 | $ 500 | ||||||||
Covenant description | The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0 | |||||||||
Net secured leverage ratio | 1.2 | |||||||||
Expiration date | Nov. 18, 2024 | Mar. 16, 2022 | ||||||||
Revolving credit facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margins | 0.25% | 1.00% | ||||||||
Revolving credit facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margins | 0.75% | 1.25% | ||||||||
Restricted cash limit | 150 | $ 150 | ||||||||
Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margins | 1.25% | 2.00% | ||||||||
Revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margins | 1.75% | 2.25% | ||||||||
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, net | 650 | 650 | $ 0 | |||||||
Long-term debt | Senior unsecured notes | 4.625% senior unsecured notes, due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, net | 500 | 500 | ||||||||
Long-term debt | Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility borrowings | $ 0 | $ 0 | ||||||||
Subsequent event | Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility borrowings | $ 25 | |||||||||
Credit facility interest rate at period end | 3.40% |
- Narrative (Details) - Line of
- Narrative (Details) - Line of Credit Facility - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Jul. 19, 2019 | Jul. 18, 2019 | |
Line of Credit Facility [Line Items] | ||||||
Fair value of net liability for swap positions | $ 4.6 | $ 2.4 | ||||
Variable interest rate | 1.80% | |||||
Level 2 | ||||||
Line of Credit Facility [Line Items] | ||||||
Swap agreements at fair value | $ 4.6 | $ 2.4 | ||||
Interest Rate Swap | ||||||
Line of Credit Facility [Line Items] | ||||||
Notional amount | $ 200 | |||||
Fixed interest rate | 2.70% | |||||
Description of variable rate basis | one-month LIBOR | |||||
Maturity date | Jun. 30, 2022 | |||||
Revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration date | Nov. 18, 2024 | Mar. 16, 2022 | ||||
Commitment fees | $ 1.6 | $ 1.4 | $ 1.5 | |||
Maximum borrowing capacity | 500 | |||||
Revolving credit facility | Long-term debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility borrowings | 0 | |||||
Letter of Credit sublimit to revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Letters of credit outstanding | 1.6 | |||||
Letter of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Letters of credit outstanding | 70.9 | |||||
Maximum borrowing capacity | $ 78 | $ 150 | ||||
AR Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration date | Jun. 30, 2022 | |||||
Maximum borrowing capacity | $ 125 | $ 125 | $ 100 | |||
AR Facility | Short-term debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility borrowings | $ 105 | 85 | ||||
Interest rate at end of period | 2.70% | |||||
Remaining borrowing capacity | $ 20 | |||||
Repurchase Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 90 | $ 90 | $ 75 | |||
Repurchase Facility | Short-term debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Expiration date | Jun. 30, 2020 | |||||
Credit facility borrowings | $ 90 | $ 75 | ||||
Interest rate at end of period | 2.90% | |||||
Remaining borrowing capacity | $ 0 | |||||
AR Securitization Facilities | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Collateral amount | $ 304.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ (22) | $ (7.7) | $ (18.5) | |
Other comprehensive income (loss) before reclassifications | 4 | (15) | 10.4 | |
Amortization of actuarial losses reclassified to net income | 0.3 | 0.7 | 0.4 | |
Total other comprehensive income (loss), net of tax | 4.3 | (14.3) | 10.8 | |
Ending balance | (17.7) | (22) | (7.7) | |
Cumulative Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (12.6) | 1.9 | (9.9) | |
Other comprehensive income (loss) before reclassifications | 8.2 | (14.5) | 11.8 | |
Amortization of actuarial losses reclassified to net income | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 8.2 | (14.5) | 11.8 | |
Ending balance | (4.4) | (12.6) | 1.9 | |
Net Actuarial Gain (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (7) | (9.6) | (8.6) | |
Other comprehensive income (loss) before reclassifications | (2) | 1.9 | (1.4) | |
Amortization of actuarial losses reclassified to net income | [1] | 0.3 | 0.7 | 0.4 |
Total other comprehensive income (loss), net of tax | (1.7) | 2.6 | (1) | |
Ending balance | (8.7) | (7) | (9.6) | |
Loss on Interest Rate Cash Flow Swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (2.4) | 0 | 0 | |
Other comprehensive income (loss) before reclassifications | (2.2) | (2.4) | 0 | |
Amortization of actuarial losses reclassified to net income | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | (2.2) | (2.4) | 0 | |
Ending balance | $ (4.6) | $ (2.4) | $ 0 | |
[1] | See Note 16. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss -Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |||
Tax benefit (expense) related to actuarial gain (loss) included in other comprehensive income (loss) | $ 0.6 | $ (1) | $ 0.3 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Millions | Mar. 31, 2020 | Mar. 06, 2020 | Feb. 25, 2020$ / shares | Jun. 13, 2017shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Nov. 21, 2017USD ($) | |
Class of Stock [Line Items] | |||||||||
Common Stock, Shares Authorized (shares) | 450,000,000 | 450,000,000 | |||||||
Common Stock, Shares, Issued (shares) | 143,594,117 | 140,239,977 | |||||||
Common Stock, Outstanding (shares) | 143,594,117 | 140,239,977 | |||||||
Common stock, par value per share ($ per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Authorized (shares) | 50,000,000 | ||||||||
Preferred Stock, Shares Issued (shares) | 0 | ||||||||
Preferred Stock, Shares Outstanding (shares) | 0 | ||||||||
Preferred Stock, Par or Stated Value Per Share ($ per share) | $ / shares | $ 0.01 | ||||||||
Temporary Equity, Contract Terms | The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability. | ||||||||
Dividends | $ | $ (208.1) | $ (203.9) | $ (201.8) | ||||||
Exchange Ratio Class A Equity Interests For Common Stock | 1 | ||||||||
Restriction For Disposition of Assets Acquired | 5 years | ||||||||
Common stock issued during the period (shares) | 8,526 | ||||||||
Value of shares issued for services rendered | $ | $ 0.2 | $ 0.1 | |||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding (shares) | $ | $ 232.5 | $ 300 | |||||||
Dividends declared per common share ($ per share) | $ / shares | $ 1.44 | $ 1.44 | $ 1.44 | ||||||
Subsequent event | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends declared per common share ($ per share) | $ / shares | $ 0.38 | ||||||||
Ordinary dividend | Subsequent event | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends Payable, Date to be Paid | Mar. 31, 2020 | ||||||||
Dividends Payable, Date of Record | Mar. 6, 2020 | ||||||||
At-the-market equity offering program | |||||||||
Class of Stock [Line Items] | |||||||||
Commissions paid on issuance of common stock | $ | $ 0.8 | ||||||||
Common stock issued during the period (shares) | 2,150,000 | ||||||||
Common stock issued during the period, gross proceeds | $ | $ 52 | ||||||||
Common stock issued during the period, net proceeds | $ | 51.2 | ||||||||
Additional paid-in capital | |||||||||
Class of Stock [Line Items] | |||||||||
Value of shares issued for services rendered | $ | 0.2 | ||||||||
Non-controlling interests | |||||||||
Class of Stock [Line Items] | |||||||||
Equity issued for acquisition (shares) | 1,953,407 | 1,953,407 | 1,953,407 | ||||||
Dividends | $ | [1] | $ 1.9 | $ 2.7 | $ 1.4 | |||||
Shares converted (shares) | (834,727) | ||||||||
[1] | On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019 , 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Revenues -Narrative (Details)
Revenues -Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Remaining performance obligation | $ 86.9 | ||
Remaining performance obligation, expected timing of satisfaction | 5 years | ||
Rental income | $ 1,149.8 | $ 1,076.9 | $ 1,001.8 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | $ 1,189.9 | $ 1,112.4 | $ 1,059 | ||||||||
Transit and other | 592.3 | 493.8 | 461.5 | ||||||||
Revenues | $ 488.1 | $ 462.5 | $ 459.9 | $ 371.7 | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | 1,782.2 | 1,606.2 | 1,520.5 |
Static displays | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | 894.1 | 858.1 | 839.7 | ||||||||
Transit and other | 370.7 | 339.9 | 339.5 | ||||||||
Digital displays | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | 252.7 | 216.1 | 173.7 | ||||||||
Transit and other | 112.4 | 59.6 | 45.3 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | 43.1 | 38.2 | 45.6 | ||||||||
Transit and other | 43.5 | 39.5 | 35.9 | ||||||||
Transit franchise contract | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Transit and other | 526.6 | 439 | 420.7 | ||||||||
Sports marketing and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Transit and other | $ 65.7 | $ 54.8 | $ 40.8 |
Revenues Revenue from External
Revenues Revenue from External Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue from External Customer [Line Items] | ||||||||||||
Billboard | $ 1,189.9 | $ 1,112.4 | $ 1,059 | |||||||||
Transit and other | 592.3 | 493.8 | 461.5 | |||||||||
Revenues | $ 488.1 | $ 462.5 | $ 459.9 | $ 371.7 | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | 1,782.2 | 1,606.2 | 1,520.5 | |
United States | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Billboard | 1,114.9 | 1,040.8 | 997.9 | |||||||||
Revenues | [1] | 1,694.4 | 1,521.6 | 1,447.3 | ||||||||
Canada | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenues | 87.8 | 84.6 | 73.2 | |||||||||
Transit franchise contract | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | 526.6 | 439 | 420.7 | |||||||||
Transit franchise contract | United States | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | 513.8 | 426 | 408.6 | |||||||||
Sports marketing and other | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | 65.7 | 54.8 | 40.8 | |||||||||
Sports marketing and other | United States | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | $ 65.7 | $ 54.8 | $ 40.8 | |||||||||
[1] | Revenues classifications are based on the geography of the advertising. |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.3 | $ 2.1 | $ 6.4 |
Restructuring Reserve | 0.4 | ||
Operating segments | U.S. Media | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.9 | 2.3 | |
Operating segments | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.8 | $ 4.1 | |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.3 | $ 0.4 |
Acquisitions -Narrative (Detail
Acquisitions -Narrative (Details) $ in Millions | Jun. 13, 2017shares | Mar. 31, 2020USD ($)Displays | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Displays | Dec. 31, 2019USD ($)Displays | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Business Acquisitions and Dispositions [Line Items] | ||||||||
Total purchase price of acquisitions | $ 69.7 | $ 7 | $ 113.8 | |||||
Cash portion of purchase price of acquisitions | 69.7 | 7 | 69.2 | |||||
Issuance of shares of a subsidiary for an acquisition | 0 | 0 | 44.6 | |||||
Finite-lived Intangible Assets Acquired | 68 | |||||||
Deferred tax liabilities acquired | 17 | |||||||
Other assets and liabilities acquired | 9.1 | |||||||
Proceeds from exchange of assets | 5.8 | $ 7.9 | 5.6 | |||||
Disposal of assets in an exchange | 14.1 | |||||||
Acquired business | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Total purchase price of acquisitions | 35.4 | 94.4 | ||||||
Cash portion of purchase price of acquisitions | 50 | |||||||
Acquired Business 2 [Member] | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Payments for Deposits on Real Estate Acquisitions | $ 14 | $ 5 | ||||||
Non-controlling interests | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Issuance of shares of a subsidiary for an acquisition | $ 44.4 | |||||||
Equity issued for acquisition (shares) | shares | 1,953,407 | 1,953,407 | 1,953,407 | |||||
Other | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Goodwill acquired | $ 34.3 | |||||||
Exchange of Productive Assets | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Proceeds from exchange of assets | $ 3.2 | |||||||
Subsequent event | Acquired business | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Total purchase price of acquisitions | $ 9.2 | |||||||
Subsequent event | Acquired Business 2 [Member] | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Total purchase price of acquisitions | $ 24 | |||||||
Digital displays | Acquired business | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Number Of Displays | Displays | 14 | |||||||
Digital displays | Subsequent event | Acquired business | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Number Of Displays | Displays | 4 | |||||||
Digital displays | Subsequent event | Acquired Business 2 [Member] | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Number Of Displays | Displays | 8 | |||||||
Static displays | Acquired business | ||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||
Number Of Displays | Displays | 7 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 10, 2019 | Jun. 09, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs related to non-vested RSUs and PSUs | $ 23.6 | ||||
Remaining Contractual Life | 1 year 5 months 15 days | ||||
Share price ($ per share) | $ 26.82 | ||||
Options Outstanding, Intrinsic Value | $ 0.3 | ||||
Options Exercisable, Weighted Average Remaining Contractual Term | 1 year 5 months 15 days | ||||
Options Exercisable, Intrinsic Value | $ 0.3 | ||||
Restricted Stock Units and Performance Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected recognition period for non-vested RSUs and PSUs | 1 year 9 months 18 days | ||||
Restricted Stock Units (RSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 3 years | ||||
Performance Shares (PRSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Condition Period | 1 year | ||||
Performance Shares (PRSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout on stock-based compensation awards | 0.00% | ||||
Performance Shares (PRSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payout on stock-based compensation awards | 120.00% | ||||
Omnibus Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (shares) | 13,100,000 | 5,100,000 | |||
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs and PSUs, Vested in Period, Fair Value | $ 18.3 | $ 19.2 | $ 20 | ||
Omnibus Stock Incentive Plan | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 4 years | ||||
Omnibus Stock Incentive Plan | Stock options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Expiration Period | 8 years | ||||
Omnibus Stock Incentive Plan | Stock options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Expiration Period | 10 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 22.3 | $ 20.2 | $ 20.5 |
Tax benefit | (1.5) | (1.3) | (2) |
Stock-based compensation expense, net of tax | 20.8 | 18.9 | 18.5 |
Restricted Stock Units and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 22.3 | 20.2 | 20.3 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 0 | $ 0 | $ 0.2 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Share Units Roll Forward (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock Units and Performance Restricted Stock Units | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Non-vested RSUs and PRSUs, beginning balance (shares) | shares | 1,723,980 |
Non-vested RSUs and PRSUs, ending balance (shares) | shares | 2,024,768 |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance ($ per share) | $ / shares | $ 22.39 |
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance ($ per share) | $ / shares | $ 22.09 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Grants (shares) | shares | 853,965 |
Vested (shares) | shares | (602,181) |
Forfeited (shares) | shares | (69,122) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period ($ per share) | $ / shares | $ 21.73 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 22.05 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 22 |
Performance Shares (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Grants (shares) | shares | 376,418 |
Vested (shares) | shares | (246,542) |
Forfeited (shares) | shares | (11,750) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period ($ per share) | $ / shares | $ 21.41 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 21.99 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 21.77 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Omnibus Stock Incentive Plan - Stock options - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options outstanding (shares) | 126,528 | 141,847 |
Exercise of stock options (shares) | (15,319) | |
Number of options exercisable (shares) | 126,528 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price, options outstanding ($ per share) | $ 24.57 | $ 23.08 |
Weighted average exercise price, options exercised ($ per share) | 10.78 | |
Weighted average exercise price, options exercisable ($ per share) | $ 24.57 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Additional Stock Option Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit of stock option exercises | $ 0 | $ 0 | $ 0.1 |
Intrinsic value of stock option exercises | $ 0.1 | $ 0.4 | $ 2.1 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Options by Exercise Price (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options, Outstanding (shares) | shares | 126,528 |
Number of Options, Exercisable (shares) | shares | 126,528 |
$10 to 14.99 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $ 10 |
Exercise Price Range, Upper Range Limit | $ 14.99 |
Number of Options, Outstanding (shares) | shares | 13,169 |
Options Outstanding Remaining Contractual Life (Years) | 4 days |
Options Outstanding, Weighted Average Exercise Price ($ per share) | $ 13.68 |
Number of Options, Exercisable (shares) | shares | 13,169 |
Options Exercisable, Weighted Average Exercise Price ($ per share) | $ 13.68 |
$20 to 24.99 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 20 |
Exercise Price Range, Upper Range Limit | $ 24.99 |
Number of Options, Outstanding (shares) | shares | 9,946 |
Options Outstanding Remaining Contractual Life (Years) | 1 year 1 month 13 days |
Options Outstanding, Weighted Average Exercise Price ($ per share) | $ 20.07 |
Number of Options, Exercisable (shares) | shares | 9,946 |
Options Exercisable, Weighted Average Exercise Price ($ per share) | $ 20.07 |
$25 to 29.99 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 25 |
Exercise Price Range, Upper Range Limit | $ 29.99 |
Number of Options, Outstanding (shares) | shares | 103,413 |
Options Outstanding Remaining Contractual Life (Years) | 1 year 8 months 19 days |
Options Outstanding, Weighted Average Exercise Price ($ per share) | $ 26.39 |
Number of Options, Exercisable (shares) | shares | 103,413 |
Options Exercisable, Weighted Average Exercise Price ($ per share) | $ 26.39 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)plan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Defined Benefit Pension Plans | plan | 2 | ||
Defined Benefit Plan Benefit Calculation Condition Period | 5 years | ||
Defined Benefit Plan Vesting Condition Period | 2 years | ||
Accumulated benefit obligation | $ 57.6 | $ 46.9 | |
Estimated amortization from AOCI of net actuarial losses | 0.4 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 4.1 | ||
Multiemployer Plan, Contributions by Employer | 4 | 3.8 | $ 3.3 |
Defined Contribution Plan, employer contributions | $ 5.9 | $ 5.5 | $ 4.8 |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 32.00% | ||
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 60.00% |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 49.9 | $ 57.8 | $ 48.3 |
Service cost | 1.7 | 1.8 | 1.6 |
Interest cost | 2.1 | 2 | 2 |
Actuarial (gain) loss | 8.8 | (5.6) | 3.7 |
Benefits paid | (2.6) | (2) | (1.4) |
Cumulative translation adjustments | 2.2 | (4.1) | 3.6 |
Benefit obligation, end of year | $ 62.1 | $ 49.9 | $ 57.8 |
Retirement Benefits - Schedul_2
Retirement Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 47.5 | $ 52.3 |
Actual return on plan assets | 8.8 | (0.9) |
Employer contributions | 1.5 | 2 |
Benefits paid | (2.6) | (2) |
Cumulative translation adjustments | 2.1 | (3.9) |
Fair value of plan assets, end of year | $ 57.3 | $ 47.5 |
Retirement Benefits - Schedul_3
Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Unfunded status, end of year | $ (4.7) | $ (2.4) |
Other noncurrent liabilities | (4.7) | (2.4) |
Net amounts recognized | $ (4.7) | $ (2.4) |
Retirement Benefits - Schedul_4
Retirement Benefits - Schedule of Net Period Benefit Cost Not yet Recognized (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | $ (11.6) | $ (9.3) | ||
Deferred income taxes | 2.9 | 2.3 | ||
Accumulated other comprehensive loss | (17.7) | (22) | $ (7.7) | $ (18.5) |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated other comprehensive loss | $ (8.7) | $ (7) | $ (9.6) | $ (8.6) |
Retirement Benefits - Schedul_5
Retirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 62.1 | $ 49.9 |
Accumulated benefit obligation | 57.6 | 46.9 |
Fair value of plan assets | $ 57.3 | $ 47.5 |
Retirement Benefits - Schedul_6
Retirement Benefits - Schedule of Components of Net Periodic Pension Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Defined Benefit Plan, Net Periodic Pension Cost [Abstract] | ||||
Service cost | $ 1.7 | $ 1.8 | $ 1.6 | |
Interest cost | 2.1 | 2 | 2 | |
Expected return on plan assets | (2.4) | (2.6) | (2.3) | |
Amortization of actuarial losses | [1] | 0.4 | 0.7 | 0.6 |
Amortization of transitional obligation | 0 | 0 | (0.1) | |
Settlement cost | 0 | 0.1 | 0 | |
Net periodic pension cost | $ 1.8 | $ 2 | $ 1.8 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement Benefits - Schedul_7
Retirement Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial gains | $ (2.3) | |||
Amortization of actuarial losses | [1] | 0.4 | ||
Cumulative translation adjustments | (0.4) | |||
Total other comprehensive income (loss), before tax | (2.3) | |||
Deferred income taxes | 0.6 | |||
Total other comprehensive income (loss), net of tax | 4.3 | $ (14.3) | $ 10.8 | |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total other comprehensive income (loss), net of tax | $ (1.7) | $ 2.6 | $ (1) | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement Benefits - Schedul_8
Retirement Benefits - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | ||
Discount rate | 3.00% | 4.00% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.00% | 3.50% |
Expected long-term return on plan assets | 5.00% | 5.10% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Benefits - Schedul_9
Retirement Benefits - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 57.3 | $ 47.5 | $ 52.3 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 1.9 | 1.6 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 3.7 | 3.6 | ||
Total assets in fair value hierarchy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 5.6 | 5.2 | ||
Common collective funds measured at net asset value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 51.7 | 42.3 | ||
Corporate bonds | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [1] | 0.8 | 0.7 | |
Corporate bonds | Level 1 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [1] | 0.8 | 0.7 | |
Corporate bonds | Level 2 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Level 3 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.8 | 0.6 | ||
U.S. equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.8 | 0.6 | ||
U.S. equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.3 | 0.3 | ||
International equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.3 | 0.3 | ||
International equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 3.7 | 3.6 | ||
Insurance contracts | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 3.7 | $ 3.6 | $ 4.4 | |
[1] | Securities of diverse industries, substantially all investment grade. |
Retirement Benefits - Schedu_10
Retirement Benefits - Schedule of Significant Changes in Level 3 Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | $ 47.5 | $ 52.3 | |
Payments | (2.6) | (2) | |
Actuarial (gain) loss | 8.8 | (5.6) | $ 3.7 |
Interest income | 8.8 | (0.9) | |
Cumulative translation adjustments | 2.1 | (3.9) | |
Fair value of plan assets, end of year | 57.3 | 47.5 | 52.3 |
Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 3.6 | ||
Fair value of plan assets, end of year | 3.7 | 3.6 | |
Insurance contracts | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 3.6 | ||
Fair value of plan assets, end of year | 3.7 | 3.6 | |
Insurance contracts | Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 3.6 | 4.4 | |
Payments | (0.4) | (0.5) | |
Actuarial (gain) loss | 0.2 | (0.1) | |
Interest income | 0.1 | 0.1 | |
Cumulative translation adjustments | 0.2 | (0.3) | |
Fair value of plan assets, end of year | $ 3.7 | $ 3.6 | $ 4.4 |
Retirement Benefits - Schedu_11
Retirement Benefits - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 1.9 |
2021 | 2 |
2022 | 2.1 |
2023 | 2.2 |
2024 | 2.4 |
2025-2029 | $ 14 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||||
Cash paid for income taxes | $ 10.5 | $ 8.4 | $ 6.8 | ||
Foreign earnings repatriated | $ 12.6 | ||||
Effective income tax rate | (7.50%) | (4.70%) | (3.30%) | ||
Operating loss carryforwards | $ 1.4 | ||||
Undistributed Earnings of Foreign Subsidiaries | 6.4 | $ 6.2 | |||
Unrecognized tax benefits | 0.5 | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 0.3 | ||||
Additions for current year tax positions | $ 4.5 | ||||
Increase (decrease) in liability from prior year due to income tax examination | $ 2.2 | ||||
Unrecognized tax benefit decrease resulting from settlement with tax authorities | $ 4.5 | ||||
Minimum | |||||
Operating Loss Carryforwards [Line Items] | |||||
Expiration date of operating loss carryforwards | Jan. 1, 2020 | ||||
Tax years subject to examination | 2016 | ||||
Maximum | |||||
Operating Loss Carryforwards [Line Items] | |||||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% | ||
Expiration date of operating loss carryforwards | Dec. 31, 2037 | ||||
Foreign | |||||
Operating Loss Carryforwards [Line Items] | |||||
Proceeds from dividends received | $ 7 | ||||
New York State Division of Taxation and Finance | Minimum | |||||
Operating Loss Carryforwards [Line Items] | |||||
Year income tax examination has been completed | 2014 | ||||
New York State Division of Taxation and Finance | Maximum | |||||
Operating Loss Carryforwards [Line Items] | |||||
Year income tax examination has been completed | 2015 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
United States | $ 144.3 | $ 157.3 | $ 139.2 |
Foreign | 1.5 | (48.6) | (14.1) |
Income before provision for income taxes and equity in earnings of investee companies | $ 145.8 | $ 108.7 | $ 125.1 |
Income Taxes - Book Income to R
Income Taxes - Book Income to REIT Taxable Income Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Book Income to REIT Taxable Income Reconciliation [Line Items] | ||||
Income before provision for income taxes and equity in earnings of investee companies | $ 145.8 | $ 108.7 | $ 125.1 | |
Book depreciation in excess of tax depreciation | 21.5 | 24.4 | 29.5 | |
Book amortization in excess of tax amortization | (6.8) | (10.6) | (1.8) | |
Tax dividend from foreign subsidiary | 0.5 | 2.1 | [1] | 5.6 |
Book/tax differences - stock-based compensation | 1.5 | (1.4) | (2.2) | |
Book/tax differences - deferred gain for tax | (3.2) | (1.4) | (13.1) | |
Book/tax differences - capitalized costs | 5 | 6.4 | 5.7 | |
Book/tax differences - executive compensation | 7.8 | 7.5 | 1.1 | |
Book/tax differences - leases | 6.2 | 1.5 | 2.8 | |
Book/tax differences - other | 9.4 | 2.1 | (4.1) | |
REIT taxable income (estimated) | 171.3 | 177.7 | 146.2 | |
Taxable REIT Subsidiaries | ||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | ||||
Income before provision for income taxes and equity in earnings of investee companies | (16.4) | 38.4 | (2.4) | |
Qualified REIT Subsidiaries | ||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | ||||
Income before provision for income taxes and equity in earnings of investee companies | $ 129.4 | $ 147.1 | $ 122.7 | |
[1] | In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million deduction for dividends received. |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current Income Tax (Expense) Benefit, Continuing Operations [Abstract] | |||
Federal | $ (5.3) | $ (2.4) | $ (6.9) |
State and local | (4) | (2.3) | (2.2) |
Foreign | (1.4) | (0.6) | 0.1 |
Current income tax expense | (10.7) | (5.3) | (9) |
Federal | 0.3 | (1) | (2.2) |
State and local | 0.2 | (0.4) | (0.1) |
Foreign | (0.7) | 1.8 | 7.2 |
Deferred tax benefit (liability) | (0.2) | 0.4 | 4.9 |
Provision for income taxes | $ (10.9) | $ (4.9) | $ (4.1) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes on income at U.S. statutory rate | $ (31.6) | $ (22.8) | $ (43.8) | |
REIT dividends paid deduction | 27.9 | 30.9 | 42.9 | |
State and local taxes, net of federal tax benefit | (2.7) | (2.3) | (1.6) | |
Effect of foreign operations | (1.5) | (9.3) | 2.4 | |
Resolution of prior year tax | (3) | 0 | 0 | |
Effect of the Tax Act on deferred tax assets | 0 | 0 | [1] | (2.1) |
Gain on dispositions | (0.3) | (0.5) | (0.9) | |
Other, net | 0.3 | (0.9) | (1) | |
Provision for income taxes | $ (10.9) | $ (4.9) | $ (4.1) | |
[1] | Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017. |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Income Tax Assets: | ||
Provision for expenses and losses | $ 0.3 | $ 1.1 |
Postretirement and other employee benefits | 2.4 | 3.6 |
Tax credit and loss carryforwards | 0.4 | 0.8 |
Total deferred income tax assets | 3.1 | 5.5 |
Valuation allowance | (0.4) | 0 |
Deferred income tax assets, net | 2.7 | 5.5 |
Deferred Income Tax Liabilities: | ||
Property, equipment and intangible assets | (18.3) | (19.5) |
Total deferred income tax liabilities | (18.3) | (19.5) |
Deferred income tax liabilities, net | $ (15.6) | $ (14) |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ in Millions | Jun. 13, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Net income attributable to OUTFRONT Media Inc. | $ 45 | $ 38.7 | $ 50.3 | $ 6.1 | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 140.1 | $ 107.9 | $ 125.8 | ||
Payments of Dividends | (208.1) | (203.9) | (201.8) | ||||||||||
Net income available for common shareholders, basic and diluted | $ 138.2 | $ 105.2 | $ 124.4 | ||||||||||
Basic (shares) | 142,500,000 | 139,300,000 | 138,500,000 | ||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 700,000 | 300,000 | 400,000 | |||||||||
Diluted (shares) | [1],[2] | 143,200,000 | 139,600,000 | 138,900,000 | |||||||||
Non-controlling interests | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Payments of Dividends | [2] | $ 1.9 | $ 2.7 | $ 1.4 | |||||||||
Equity issued for acquisition (shares) | 1,953,407 | 1,953,407 | 1,953,407 | ||||||||||
Stock Compensation Plan | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Antidilutive securities excluded from EPS calculation (shares) | 100,000 | 400,000 | 100,000 | ||||||||||
Non-controlling interests | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Antidilutive securities excluded from EPS calculation (shares) | 1,400,000 | 1,900,000 | 1,100,000 | ||||||||||
[1] | The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2019 , 0.4 million granted RSUs, PRSUs and stock options for 2018 and 0.1 million granted RSUs, PRSUs and stock options for 2017 was antidilutive. | ||||||||||||
[2] | On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 11. Equity to the Consolidated Financial Statements.) The potential impact of 1.4 million shares of Class A equity interests of Outfront Canada was antidilutive for 2019 , 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($)Displays | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Displays | Dec. 31, 2018USD ($) | |
Other Commitments [Line Items] | ||||
MTA Equipment Development Cost Additions | $ | $ 150.8 | $ 91.2 | ||
MTA digital advertising screens on subway and train platforms and entrances | ||||
Other Commitments [Line Items] | ||||
Number Of Displays | Displays | 8,565 | 8,565 | ||
MTA smaller-format digital advertising screens rolling stock | ||||
Other Commitments [Line Items] | ||||
Number Of Displays | Displays | 37,716 | 37,716 | ||
MTA communication displays | ||||
Other Commitments [Line Items] | ||||
Number Of Displays | Displays | 7,829 | 7,829 | ||
MTA displays installed | ||||
Other Commitments [Line Items] | ||||
Number Of Displays | Displays | 4,577 | 4,577 | ||
Number Of Display Additions | Displays | 837 | 3,348 | ||
Letter of Credit | ||||
Other Commitments [Line Items] | ||||
Letters of credit outstanding | $ | $ 70.9 | $ 70.9 | ||
Standalone letters of credit and sublimit to revolving credit facility | ||||
Other Commitments [Line Items] | ||||
Letters of credit outstanding | $ | 72.5 | 72.5 | ||
Surety Bond | ||||
Other Commitments [Line Items] | ||||
Surety Bonds Outstanding | $ | $ 162.1 | $ 162.1 | ||
Subsequent event | ||||
Other Commitments [Line Items] | ||||
MTA Equipment Development Cost Additions | $ | $ 175 |
Commitment and Contingencies _2
Commitment and Contingencies - Contractual Obligation, Fiscal Year Maturity Schedule (Details) - Guaranteed Minimum Annual Payments $ in Millions | Dec. 31, 2019USD ($) |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2020 | $ 227.9 |
2021 | 227.3 |
2022 | 222.6 |
2023 | 225 |
2024 | 226.6 |
2025 and thereafter | 774.4 |
Guaranteed minimum annual payments | $ 1,903.8 |
Commitment and Contingencies _3
Commitment and Contingencies - MTA Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Prepaid MTA equipment deployment costs, beginning of period | $ 79.5 | $ 4.7 | $ 79.5 | $ 4.7 | |||||||
Intangible assets, gross, beginning of period | 1,625 | 1,625 | |||||||||
MTA deployment costs, beginning of period | 94.3 | 5.6 | 94.3 | 5.6 | |||||||
Recoupment | (32.2) | (1.7) | |||||||||
Amortization of intangible assets | $ 26.2 | $ 28.7 | $ 27.6 | 24.7 | $ 25.8 | $ 25.8 | $ 25 | 22.5 | 107.2 | 99.1 | $ 100.1 |
MTA Equipment Development Cost Additions | 150.8 | 91.2 | |||||||||
Prepaid MTA equipment deployment costs, end of period | 171.5 | 79.5 | 171.5 | 79.5 | 4.7 | ||||||
Intangible assets, gross, end of period | 1,697.8 | 1,625 | 1,697.8 | 1,625 | |||||||
MTA deployment costs, end of period | 209.8 | 94.3 | 209.8 | 94.3 | 5.6 | ||||||
MTA equipment deployment costs | |||||||||||
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Deployment costs incurred | 124.2 | 76.5 | |||||||||
Recoupment | (32.2) | (1.7) | |||||||||
Amortization of intangible assets | (3.1) | (0.8) | |||||||||
Franchise agreements | |||||||||||
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Intangible assets, gross, beginning of period | 470.7 | 470.7 | |||||||||
Intangible assets, gross, end of period | 497.4 | 470.7 | 497.4 | 470.7 | |||||||
Franchise agreements | MTA equipment deployment costs | |||||||||||
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Intangible assets, gross, beginning of period | $ 14.8 | $ 0.9 | 14.8 | 0.9 | |||||||
Intangible asset additions | 26.6 | 14.7 | |||||||||
Amortization of intangible assets | (3.1) | (0.8) | |||||||||
Intangible assets, gross, end of period | $ 38.3 | $ 14.8 | $ 38.3 | $ 14.8 | $ 0.9 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 488.1 | $ 462.5 | $ 459.9 | $ 371.7 | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 1,782.2 | $ 1,606.2 | $ 1,520.5 |
U.S. Media | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 448 | 422.7 | 419.6 | 338.4 | 410 | 379.7 | 367.2 | 309.9 | 1,628.7 | 1,466.8 | |
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 40.1 | $ 39.8 | $ 40.3 | $ 33.3 | $ 42.4 | $ 34.5 | $ 34.5 | $ 28 | 153.5 | 139.4 | |
Operating segments | U.S. Media | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,628.7 | 1,466.8 | 1,406.5 | ||||||||
Operating segments | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 153.5 | $ 139.4 | $ 114 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net income before allocation to non-controlling interests | $ 140.6 | $ 107.9 | $ 125.8 | |||||||||
Provision for income taxes | 10.9 | 4.9 | 4.1 | |||||||||
Equity in earnings of investee companies, net of tax | (5.7) | (4.1) | (4.8) | |||||||||
Interest expense, net | 134.9 | 125.7 | 116.9 | |||||||||
Loss on extinguishment of debt | (28.5) | 0 | 0 | |||||||||
Other income (expense), net | (0.1) | 0.4 | (0.3) | |||||||||
Operating income (loss) | $ 98 | $ 85.5 | $ 88.7 | $ 36.9 | $ 91.3 | $ 78.9 | $ 32.9 | $ 31.7 | 309.1 | 234.8 | 241.7 | |
Restructuring charges | 0.3 | 2.1 | 6.4 | |||||||||
Net gain on dispositions | (0.8) | (1.9) | 0.4 | (1.5) | (1.3) | (1.3) | (2.7) | (0.2) | (3.8) | (5.5) | (14.3) | |
Impairment charge | 0 | 0 | 42.9 | [1] | 0 | 0 | 42.9 | 0 | ||||
Depreciation and amortization | 194.5 | 185 | 189.8 | |||||||||
Stock-based compensation | 5.9 | 5.6 | 5.5 | 5.3 | 4.8 | 4.8 | 5.6 | 5 | 22.3 | 20.2 | 20.5 | |
Adjusted OIBDA | 151.7 | 140.3 | 143.6 | 86.8 | 143.8 | 129.3 | 125.2 | 81.2 | 522.4 | 479.5 | 444.1 | |
Capital expenditures | 89.9 | 82.3 | 70.8 | |||||||||
U.S. Media | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 115.8 | 103.1 | 101.9 | 55.5 | 102.4 | 96 | 93.8 | 50.6 | 376.3 | 342.8 | ||
Impairment charge | 0 | |||||||||||
Adjusted OIBDA | 158.6 | 147.3 | 145.8 | 94.6 | 143.9 | 136.2 | 131.2 | 88.9 | 546.3 | 500.2 | ||
Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 2.8 | (0.7) | 3.3 | (4) | 3.9 | (1.2) | (45.1) | (7) | 1.4 | (49.4) | ||
Impairment charge | 42.9 | |||||||||||
Adjusted OIBDA | 7.8 | 4.3 | 8.8 | 1.2 | 9.7 | 4.2 | 4.2 | (0.8) | 22.1 | 17.3 | ||
Operating segments | U.S. Media | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 376.3 | 342.8 | 320.6 | |||||||||
Restructuring charges | 0.9 | 2.3 | ||||||||||
Net gain on dispositions | (3.9) | (5.3) | (14.4) | |||||||||
Depreciation and amortization | 173.9 | 161.8 | 169.6 | |||||||||
Adjusted OIBDA | 546.3 | 500.2 | 478.1 | |||||||||
Capital expenditures | 86.7 | 73 | 63.9 | |||||||||
Operating segments | Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 1.4 | (49.4) | (16) | |||||||||
Restructuring charges | 0.8 | 4.1 | ||||||||||
Net gain on dispositions | 0.1 | (0.2) | 0.1 | |||||||||
Depreciation and amortization | 20.6 | 23.2 | 20.2 | |||||||||
Adjusted OIBDA | 22.1 | 17.3 | 8.4 | |||||||||
Capital expenditures | 3.2 | 9.3 | 6.9 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | (20.6) | (16.9) | (16.5) | (14.6) | (15) | (15.9) | (15.8) | (11.9) | (68.6) | (58.6) | (62.9) | |
Restructuring charges | 0.3 | 0.4 | ||||||||||
Adjusted OIBDA | $ (14.7) | $ (11.3) | $ (11) | $ (9) | $ (9.8) | $ (11.1) | $ (10.2) | $ (6.9) | $ (46) | $ (38) | $ (42.4) | |
[1] | As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets : Goodwill |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Assets | $ 5,382.3 | $ 3,828.7 | $ 3,808.2 |
Operating segments | U.S. Media | |||
Segment Reporting Information [Line Items] | |||
Assets | 5,077.1 | 3,610 | 3,528.8 |
Operating segments | Other | |||
Segment Reporting Information [Line Items] | |||
Assets | 284 | 202.5 | 263.8 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 21.2 | $ 16.2 | $ 15.6 |
Segment Information - Schedule
Segment Information - Schedule of Revenue from External Customers by Geographic Location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 488.1 | $ 462.5 | $ 459.9 | $ 371.7 | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 1,782.2 | $ 1,606.2 | $ 1,520.5 | |
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 1,694.4 | 1,521.6 | 1,447.3 | ||||||||
Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 87.8 | $ 84.6 | $ 73.2 | |||||||||
[1] | Revenues classifications are based on the geography of the advertising. |
Segment Information - Long Live
Segment Information - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | $ 4,925.1 | $ 3,377.5 | $ 3,405.5 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | 4,722.1 | 3,255 | 3,216.4 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | $ 203 | $ 122.5 | $ 189.1 |
[1] | Reflects total assets less current assets, investments and non-current deferred tax assets. |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information -Narrative (Details) | Dec. 31, 2019 |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment ownership percentage | 50.00% |
Subsidiary Issuer | |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment ownership percentage | 100.00% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information -Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 59.1 | $ 52.7 | $ 48.3 | ||
Receivables, less allowances | 290 | 264.9 | |||
Other current assets | 86.7 | 111.9 | |||
Total current assets | 435.8 | 429.5 | |||
Property and equipment, net | 666.2 | 652.9 | |||
Goodwill | 2,083.1 | 2,079.7 | 2,128 | ||
Intangible assets | 550.9 | 537.2 | |||
Operating lease assets | 1,457 | $ 1,200 | 0 | ||
Investments in subsidiaries | 0 | 0 | |||
Prepaid MTA equipment deployment costs | 116.1 | 60.6 | |||
Other assets | 73.2 | 68.8 | |||
Intercompany | 0 | 0 | |||
Total assets | 5,382.3 | 3,828.7 | 3,808.2 | ||
Total current liabilities | 650 | 402.6 | |||
Long-term debt, net | 2,222.1 | 2,149.6 | |||
Deferred income tax liabilities, net | 18 | 17 | |||
Asset retirement obligation | 35.1 | 34.2 | 34.7 | ||
Operating lease liabilities | 1,285.1 | 0 | |||
Deficit In excess of investment in subsidiaries | 0 | 0 | |||
Other liabilities | 45.6 | 80 | |||
Intercompany | 0 | 0 | |||
Total liabilities | 4,255.9 | 2,683.4 | |||
Total stockholders’ equity | 1,093.8 | 1,102.8 | 1,181.1 | $ 1,232.9 | |
Non-controlling interests | 32.6 | 42.5 | |||
Total equity | 1,126.4 | 1,145.3 | $ 1,226.6 | $ 1,233 | |
Total liabilities and equity | 5,382.3 | 3,828.7 | |||
Parent Company | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Receivables, less allowances | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Operating lease assets | 0 | ||||
Investments in subsidiaries | 1,093.8 | 1,102.8 | |||
Prepaid MTA equipment deployment costs | 0 | 0 | |||
Other assets | 0 | 0 | |||
Intercompany | 0 | 0 | |||
Total assets | 1,093.8 | 1,102.8 | |||
Total current liabilities | 0 | 0 | |||
Long-term debt, net | 0 | 0 | |||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | |||
Operating lease liabilities | 0 | ||||
Deficit In excess of investment in subsidiaries | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Intercompany | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Total stockholders’ equity | 1,093.8 | 1,102.8 | |||
Non-controlling interests | 0 | 0 | |||
Total equity | 1,093.8 | 1,102.8 | |||
Total liabilities and equity | 1,093.8 | 1,102.8 | |||
Subsidiary Issuer | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 12.7 | 12 | |||
Receivables, less allowances | 0 | 0 | |||
Other current assets | 1 | 1 | |||
Total current assets | 13.7 | 13 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Operating lease assets | 0 | ||||
Investments in subsidiaries | 3,330 | 3,257.5 | |||
Prepaid MTA equipment deployment costs | 0 | 0 | |||
Other assets | 3.5 | 2.3 | |||
Intercompany | 0 | 0 | |||
Total assets | 3,347.2 | 3,272.8 | |||
Total current liabilities | 26.7 | 18 | |||
Long-term debt, net | 2,222.1 | 2,149.6 | |||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | |||
Operating lease liabilities | 0 | ||||
Deficit In excess of investment in subsidiaries | 0 | 0 | |||
Other liabilities | 4.6 | 2.4 | |||
Intercompany | 0 | 0 | |||
Total liabilities | 2,253.4 | 2,170 | |||
Total stockholders’ equity | 1,093.8 | 1,102.8 | |||
Non-controlling interests | 0 | 0 | |||
Total equity | 1,093.8 | 1,102.8 | |||
Total liabilities and equity | 3,347.2 | 3,272.8 | |||
Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 1.1 | 0 | |||
Receivables, less allowances | 0 | 52.7 | |||
Other current assets | 169.7 | 176.3 | |||
Total current assets | 170.8 | 229 | |||
Property and equipment, net | 618.2 | 604.3 | |||
Goodwill | 2,059.9 | 2,059.9 | |||
Intangible assets | 479.5 | 478.4 | |||
Operating lease assets | 1,344.3 | ||||
Investments in subsidiaries | 331.6 | 261.9 | |||
Prepaid MTA equipment deployment costs | 116.1 | 60.6 | |||
Other assets | 65.8 | 63.4 | |||
Intercompany | 77.5 | 81 | |||
Total assets | 5,263.7 | 3,838.5 | |||
Total current liabilities | 590.5 | 375.5 | |||
Long-term debt, net | 0 | 0 | |||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 30.6 | 29.9 | |||
Operating lease liabilities | 1,188 | ||||
Deficit In excess of investment in subsidiaries | 2,236.2 | 2,154.7 | |||
Other liabilities | 37 | 74.9 | |||
Intercompany | 87.6 | 100.7 | |||
Total liabilities | 4,169.9 | 2,735.7 | |||
Total stockholders’ equity | 1,093.8 | 1,102.8 | |||
Non-controlling interests | 0 | 0 | |||
Total equity | 1,093.8 | 1,102.8 | |||
Total liabilities and equity | 5,263.7 | 3,838.5 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 45.3 | 40.7 | |||
Receivables, less allowances | 320.8 | 232.1 | |||
Other current assets | 76.9 | 81.5 | |||
Total current assets | 443 | 354.3 | |||
Property and equipment, net | 48 | 48.6 | |||
Goodwill | 23.2 | 19.8 | |||
Intangible assets | 71.4 | 58.8 | |||
Operating lease assets | 112.7 | ||||
Investments in subsidiaries | 0 | 0 | |||
Prepaid MTA equipment deployment costs | 0 | 0 | |||
Other assets | 3.9 | 3.1 | |||
Intercompany | 87.6 | 100.7 | |||
Total assets | 789.8 | 585.3 | |||
Total current liabilities | 224.5 | 175.9 | |||
Long-term debt, net | 0 | 0 | |||
Deferred income tax liabilities, net | 18 | 17 | |||
Asset retirement obligation | 4.5 | 4.3 | |||
Operating lease liabilities | 97.1 | ||||
Deficit In excess of investment in subsidiaries | 0 | 0 | |||
Other liabilities | 4 | 2.7 | |||
Intercompany | 77.5 | 81 | |||
Total liabilities | 425.6 | 280.9 | |||
Total stockholders’ equity | 331.6 | 261.9 | |||
Non-controlling interests | 32.6 | 42.5 | |||
Total equity | 364.2 | 304.4 | |||
Total liabilities and equity | 789.8 | 585.3 | |||
Eliminations | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Receivables, less allowances | (30.8) | (19.9) | |||
Other current assets | (160.9) | (146.9) | |||
Total current assets | (191.7) | (166.8) | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Operating lease assets | 0 | ||||
Investments in subsidiaries | (4,755.4) | (4,622.2) | |||
Prepaid MTA equipment deployment costs | 0 | 0 | |||
Other assets | 0 | 0 | |||
Intercompany | (165.1) | (181.7) | |||
Total assets | (5,112.2) | (4,970.7) | |||
Total current liabilities | (191.7) | (166.8) | |||
Long-term debt, net | 0 | 0 | |||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | |||
Operating lease liabilities | 0 | ||||
Deficit In excess of investment in subsidiaries | (2,236.2) | (2,154.7) | |||
Other liabilities | 0 | 0 | |||
Intercompany | (165.1) | (181.7) | |||
Total liabilities | (2,593) | (2,503.2) | |||
Total stockholders’ equity | (2,519.2) | (2,467.5) | |||
Non-controlling interests | 0 | 0 | |||
Total equity | (2,519.2) | (2,467.5) | |||
Total liabilities and equity | $ (5,112.2) | $ (4,970.7) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information -Condensed Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | $ 1,189.9 | $ 1,112.4 | $ 1,059 | |||||||||
Transit and other | 592.3 | 493.8 | 461.5 | |||||||||
Total revenues | $ 488.1 | $ 462.5 | $ 459.9 | $ 371.7 | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | 1,782.2 | 1,606.2 | 1,520.5 | |
Operating | 958.6 | 859.9 | 835.2 | |||||||||
Selling, general and administrative | 323.5 | 287 | 261.7 | |||||||||
Restructuring charges | 0.3 | 2.1 | 6.4 | |||||||||
Net gain on dispositions | (0.8) | (1.9) | 0.4 | (1.5) | (1.3) | (1.3) | (2.7) | (0.2) | (3.8) | (5.5) | (14.3) | |
Impairment charge | 0 | 0 | 42.9 | [1] | 0 | 0 | 42.9 | 0 | ||||
Depreciation | 22.4 | 22.4 | 21.4 | 21.1 | 22.5 | 21 | 21.3 | 21.1 | 87.3 | 85.9 | 89.7 | |
Amortization | 26.2 | 28.7 | 27.6 | 24.7 | 25.8 | 25.8 | 25 | 22.5 | 107.2 | 99.1 | 100.1 | |
Total expenses | 1,473.1 | 1,371.4 | 1,278.8 | |||||||||
Operating income (loss) | 98 | 85.5 | 88.7 | 36.9 | 91.3 | 78.9 | 32.9 | 31.7 | 309.1 | 234.8 | 241.7 | |
Interest expense, net | (134.9) | (125.7) | (116.9) | |||||||||
Loss on extinguishment of debt | (28.5) | 0 | 0 | |||||||||
Other income (expense), net | 0.1 | (0.4) | 0.3 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 145.8 | 108.7 | 125.1 | |||||||||
Benefit (provision) for income taxes | (10.9) | (4.9) | (4.1) | |||||||||
Equity in earnings of investee companies, net of tax | 5.7 | 4.1 | 4.8 | |||||||||
Net income before allocation to non-controlling interests | 140.6 | 107.9 | 125.8 | |||||||||
Net income attributable to non-controlling interests | 0.5 | 0 | 0 | |||||||||
Net income attributable to OUTFRONT Media Inc. | $ 45 | $ 38.7 | $ 50.3 | $ 6.1 | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | 140.1 | 107.9 | 125.8 | |
Total other comprehensive income, net of tax | 4.3 | (14.3) | 10.8 | |||||||||
Total comprehensive income (loss) | 144.4 | 93.6 | 136.6 | |||||||||
Parent Company | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 1.6 | 1.6 | 1.6 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Net gain on dispositions | 0 | 0 | 0 | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 1.6 | 1.6 | 1.6 | |||||||||
Operating income (loss) | (1.6) | (1.6) | (1.6) | |||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (1.6) | (1.6) | (1.6) | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | 141.7 | 109.5 | 127.4 | |||||||||
Net income before allocation to non-controlling interests | 140.1 | |||||||||||
Net income attributable to non-controlling interests | 0 | |||||||||||
Net income attributable to OUTFRONT Media Inc. | 140.1 | 107.9 | 125.8 | |||||||||
Total other comprehensive income, net of tax | 4.3 | (14.3) | 10.8 | |||||||||
Total comprehensive income (loss) | 144.4 | 93.6 | 136.6 | |||||||||
Subsidiary Issuer | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 0.5 | 0.2 | 0.9 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Net gain on dispositions | 0 | 0 | 0 | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 0.5 | 0.2 | 0.9 | |||||||||
Operating income (loss) | (0.5) | (0.2) | (0.9) | |||||||||
Interest expense, net | (127.1) | (118.4) | (113.9) | |||||||||
Loss on extinguishment of debt | (28.5) | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (156.1) | (118.6) | (114.8) | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | 297.8 | 228.1 | 242.2 | |||||||||
Net income before allocation to non-controlling interests | 141.7 | |||||||||||
Net income attributable to non-controlling interests | 0 | |||||||||||
Net income attributable to OUTFRONT Media Inc. | 141.7 | 109.5 | 127.4 | |||||||||
Total other comprehensive income, net of tax | 4.3 | (14.3) | 10.8 | |||||||||
Total comprehensive income (loss) | 146 | 95.2 | 138.2 | |||||||||
Guarantor Subsidiaries | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 1,109.9 | 1,040.1 | 997.5 | |||||||||
Transit and other | 579.5 | 480.8 | 449.4 | |||||||||
Total revenues | 1,689.4 | 1,520.9 | 1,446.9 | |||||||||
Operating | 906.3 | 808.3 | 784.6 | |||||||||
Selling, general and administrative | 311.2 | 276.6 | 246.2 | |||||||||
Restructuring charges | 0.3 | 2.1 | 2.5 | |||||||||
Net gain on dispositions | (3.8) | (5.3) | (14.4) | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 76.8 | 73.3 | 77.3 | |||||||||
Amortization | 97.8 | 90.2 | 94 | |||||||||
Total expenses | 1,388.6 | 1,245.2 | 1,190.2 | |||||||||
Operating income (loss) | 300.8 | 275.7 | 256.7 | |||||||||
Interest expense, net | (2.5) | (3.8) | (2.3) | |||||||||
Loss on extinguishment of debt | 0 | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 298.3 | 271.9 | 254.4 | |||||||||
Benefit (provision) for income taxes | (8.8) | (6.1) | (11.3) | |||||||||
Equity in earnings of investee companies, net of tax | (147.8) | (156.3) | (115.7) | |||||||||
Net income before allocation to non-controlling interests | 141.7 | |||||||||||
Net income attributable to non-controlling interests | 0 | |||||||||||
Net income attributable to OUTFRONT Media Inc. | 141.7 | 109.5 | 127.4 | |||||||||
Total other comprehensive income, net of tax | 4.3 | (14.3) | 10.8 | |||||||||
Total comprehensive income (loss) | 146 | 95.2 | 138.2 | |||||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 80 | 72.3 | 61.5 | |||||||||
Transit and other | 12.8 | 13 | 12.1 | |||||||||
Total revenues | 92.8 | 85.3 | 73.6 | |||||||||
Operating | 52.3 | 51.6 | 50.6 | |||||||||
Selling, general and administrative | 10.2 | 8.6 | 13 | |||||||||
Restructuring charges | 0 | 0 | 3.9 | |||||||||
Net gain on dispositions | 0 | (0.2) | 0.1 | |||||||||
Impairment charge | 42.9 | |||||||||||
Depreciation | 10.5 | 12.6 | 12.4 | |||||||||
Amortization | 9.4 | 8.9 | 6.1 | |||||||||
Total expenses | 82.4 | 124.4 | 86.1 | |||||||||
Operating income (loss) | 10.4 | (39.1) | (12.5) | |||||||||
Interest expense, net | (5.3) | (3.5) | (0.7) | |||||||||
Loss on extinguishment of debt | 0 | |||||||||||
Other income (expense), net | 0.1 | (0.4) | 0.3 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 5.2 | (43) | (12.9) | |||||||||
Benefit (provision) for income taxes | (2.1) | 1.2 | 7.2 | |||||||||
Equity in earnings of investee companies, net of tax | 1.1 | 1.1 | 0.8 | |||||||||
Net income before allocation to non-controlling interests | 4.2 | |||||||||||
Net income attributable to non-controlling interests | 0.5 | |||||||||||
Net income attributable to OUTFRONT Media Inc. | 3.7 | (40.7) | (4.9) | |||||||||
Total other comprehensive income, net of tax | 6.5 | (12.1) | 10.8 | |||||||||
Total comprehensive income (loss) | 10.2 | (52.8) | 5.9 | |||||||||
Eliminations | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Net gain on dispositions | 0 | 0 | 0 | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 0 | 0 | 0 | |||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | (287.1) | (178.3) | (249.9) | |||||||||
Net income before allocation to non-controlling interests | (287.1) | |||||||||||
Net income attributable to non-controlling interests | 0 | |||||||||||
Net income attributable to OUTFRONT Media Inc. | (287.1) | (178.3) | (249.9) | |||||||||
Total other comprehensive income, net of tax | (15.1) | 40.7 | (32.4) | |||||||||
Total comprehensive income (loss) | $ (302.2) | $ (137.6) | $ (282.3) | |||||||||
[1] | As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets : Goodwill |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information -Condensed Cash Flow Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash flow provided by (used for) operating activities | $ 276.9 | $ 214.3 | $ 249.3 |
Capital expenditures | (89.9) | (82.3) | (70.8) |
Acquisitions | (69.7) | (7) | (69.2) |
MTA franchise rights | (24) | (13.3) | (0.9) |
Proceeds from dispositions | 5.8 | 7.9 | 5.6 |
Return of investment in investee companies | 1.5 | 4.3 | 0 |
Net cash flow used for investing activities | (176.3) | (90.4) | (135.3) |
Proceeds from long-term debt borrowings | 1,270 | 104 | 8.3 |
Repayments of long-term debt borrowings | (1,191.5) | (104) | 0 |
Proceeds from borrowings under short-term debt facilities | 505 | 245 | 250 |
Repayments of borrowings under short-term debt facilities | (470) | (165) | (170) |
Payments of deferred financing costs | (22.1) | (0.3) | (8.5) |
Payments of debt extinguishment charges | (20.6) | 0 | 0 |
Proceeds from shares issued under the ATM Program | 50.9 | 15.3 | 0 |
Proceeds from stock option exercises | 0 | 0 | 1.2 |
Earnout payment related to prior acquisition | 0 | (0.4) | (2) |
Taxes withheld for stock-based compensation | (7.9) | (8.4) | (8.5) |
Dividends | (208.1) | (203.9) | (201.8) |
Intercompany | 0 | 0 | 0 |
Other | 0 | 0 | (0.2) |
Cash provided by (used for) financing activities | (94.3) | (117.7) | (131.5) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.5 | (0.4) | 0.6 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 6.8 | 5.8 | (16.9) |
Cash, cash equivalents and restricted cash at beginning of year | 54.1 | 48.3 | 65.2 |
Cash, cash equivalents and restricted cash at end of year | 60.9 | 54.1 | 48.3 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash flow provided by (used for) operating activities | (1.6) | (1.6) | (1.7) |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
MTA franchise rights | 0 | 0 | 0 |
Proceeds from dispositions | 0 | 0 | 0 |
Return of investment in investee companies | 0 | 0 | |
Net cash flow used for investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Payments of debt extinguishment charges | 0 | ||
Proceeds from shares issued under the ATM Program | 50.9 | 15.3 | |
Proceeds from stock option exercises | 1.2 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | (206.2) | (201.2) | (200.4) |
Intercompany | 156.9 | 187.5 | 200.9 |
Other | 0 | ||
Cash provided by (used for) financing activities | 1.6 | 1.6 | 1.7 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at end of year | 0 | 0 | 0 |
Subsidiary Issuer | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash flow provided by (used for) operating activities | (111.8) | (110.6) | (108.5) |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
MTA franchise rights | 0 | 0 | 0 |
Proceeds from dispositions | 0 | 0 | 0 |
Return of investment in investee companies | 0 | 0 | |
Net cash flow used for investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings | 1,270 | 104 | 8.3 |
Repayments of long-term debt borrowings | (1,191.5) | (104) | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 90 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | (90) |
Payments of deferred financing costs | (21.9) | (0.2) | (8) |
Payments of debt extinguishment charges | (20.6) | ||
Proceeds from shares issued under the ATM Program | 0 | 0 | |
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Intercompany | 76.5 | 112.6 | 107 |
Other | 0 | ||
Cash provided by (used for) financing activities | 112.5 | 112.4 | 107.3 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0.7 | 1.8 | (1.2) |
Cash, cash equivalents and restricted cash at beginning of year | 12 | 10.2 | 11.4 |
Cash, cash equivalents and restricted cash at end of year | 12.7 | 12 | 10.2 |
Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash flow provided by (used for) operating activities | 375.7 | 331.8 | 329.5 |
Capital expenditures | (87) | (70) | (63.6) |
Acquisitions | (69.7) | (7) | (17.6) |
MTA franchise rights | (24) | (13.3) | (0.9) |
Proceeds from dispositions | 5.8 | 7.6 | 5.5 |
Return of investment in investee companies | 1.5 | 4.3 | |
Net cash flow used for investing activities | (173.4) | (78.4) | (76.6) |
Proceeds from long-term debt borrowings | 0 | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 180 | 75 | 0 |
Repayments of borrowings under short-term debt facilities | (165) | 0 | 0 |
Payments of deferred financing costs | (0.2) | 0 | 0 |
Payments of debt extinguishment charges | 0 | ||
Proceeds from shares issued under the ATM Program | 0 | 0 | |
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | (0.4) | (2) | |
Taxes withheld for stock-based compensation | (7.9) | (8.4) | (8.5) |
Dividends | 0 | 0 | 0 |
Intercompany | (207.7) | (321.9) | (274.3) |
Other | (0.2) | ||
Cash provided by (used for) financing activities | (200.8) | (255.7) | (285) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1.5 | (2.3) | (32.1) |
Cash, cash equivalents and restricted cash at beginning of year | 1.4 | 3.7 | 35.8 |
Cash, cash equivalents and restricted cash at end of year | 2.9 | 1.4 | 3.7 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash flow provided by (used for) operating activities | 14.6 | (5.3) | 30 |
Capital expenditures | (2.9) | (12.3) | (7.2) |
Acquisitions | 0 | 0 | (51.6) |
MTA franchise rights | 0 | 0 | 0 |
Proceeds from dispositions | 0 | 0.3 | 0.1 |
Return of investment in investee companies | 0 | 0 | |
Net cash flow used for investing activities | (2.9) | (12) | (58.7) |
Proceeds from long-term debt borrowings | 0 | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 325 | 170 | 160 |
Repayments of borrowings under short-term debt facilities | (305) | (165) | 80 |
Payments of deferred financing costs | 0 | (0.1) | (0.5) |
Payments of debt extinguishment charges | 0 | ||
Proceeds from shares issued under the ATM Program | 0 | 0 | |
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | (1.9) | (2.7) | (1.4) |
Intercompany | (25.7) | 21.8 | (33.6) |
Other | 0 | ||
Cash provided by (used for) financing activities | (7.6) | 24 | 44.5 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.5 | (0.4) | 0.6 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 4.6 | 6.3 | 16.4 |
Cash, cash equivalents and restricted cash at beginning of year | 40.7 | 34.4 | 18 |
Cash, cash equivalents and restricted cash at end of year | 45.3 | 40.7 | 34.4 |
Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash flow provided by (used for) operating activities | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
MTA franchise rights | 0 | 0 | 0 |
Proceeds from dispositions | 0 | 0 | 0 |
Return of investment in investee companies | 0 | 0 | |
Net cash flow used for investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Payments of debt extinguishment charges | 0 | ||
Proceeds from shares issued under the ATM Program | 0 | 0 | |
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Intercompany | 0 | 0 | 0 |
Other | 0 | ||
Cash provided by (used for) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at end of year | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | $ 488.1 | $ 462.5 | $ 459.9 | $ 371.7 | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 1,782.2 | $ 1,606.2 | $ 1,520.5 | |
Adjusted OIBDA | 151.7 | 140.3 | 143.6 | 86.8 | 143.8 | 129.3 | 125.2 | 81.2 | 522.4 | 479.5 | 444.1 | |
Restructuring charges | 0 | 0 | 0 | (0.3) | (0.7) | (0.1) | (0.2) | (1.1) | (0.3) | (2.1) | ||
Net gain (loss) on dispositions | 0.8 | 1.9 | (0.4) | 1.5 | 1.3 | 1.3 | 2.7 | 0.2 | 3.8 | 5.5 | 14.3 | |
Impairment charge | 0 | 0 | (42.9) | [1] | 0 | 0 | (42.9) | 0 | ||||
Depreciation | (22.4) | (22.4) | (21.4) | (21.1) | (22.5) | (21) | (21.3) | (21.1) | (87.3) | (85.9) | (89.7) | |
Amortization | (26.2) | (28.7) | (27.6) | (24.7) | (25.8) | (25.8) | (25) | (22.5) | (107.2) | (99.1) | (100.1) | |
Stock-based compensation | (5.9) | (5.6) | (5.5) | (5.3) | (4.8) | (4.8) | (5.6) | (5) | (22.3) | (20.2) | (20.5) | |
Operating income (loss) | 98 | 85.5 | 88.7 | 36.9 | 91.3 | 78.9 | 32.9 | 31.7 | 309.1 | 234.8 | 241.7 | |
Net income (loss) attributable to OUTFRONT Media Inc. | $ 45 | $ 38.7 | $ 50.3 | $ 6.1 | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 140.1 | $ 107.9 | $ 125.8 | |
Basic ($ per share) | $ 0.31 | $ 0.27 | $ 0.35 | $ 0.04 | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.97 | $ 0.76 | $ 0.90 | |
Diluted ($ per share) | $ 0.31 | $ 0.27 | $ 0.35 | $ 0.04 | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.97 | $ 0.75 | $ 0.90 | |
U.S. Media | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | $ 448 | $ 422.7 | $ 419.6 | $ 338.4 | $ 410 | $ 379.7 | $ 367.2 | $ 309.9 | $ 1,628.7 | $ 1,466.8 | ||
Adjusted OIBDA | 158.6 | 147.3 | 145.8 | 94.6 | 143.9 | 136.2 | 131.2 | 88.9 | 546.3 | 500.2 | ||
Impairment charge | 0 | |||||||||||
Operating income (loss) | 115.8 | 103.1 | 101.9 | 55.5 | 102.4 | 96 | 93.8 | 50.6 | 376.3 | 342.8 | ||
Other | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenues | 40.1 | 39.8 | 40.3 | 33.3 | 42.4 | 34.5 | 34.5 | 28 | 153.5 | 139.4 | ||
Adjusted OIBDA | 7.8 | 4.3 | 8.8 | 1.2 | 9.7 | 4.2 | 4.2 | (0.8) | 22.1 | 17.3 | ||
Impairment charge | (42.9) | |||||||||||
Operating income (loss) | 2.8 | (0.7) | 3.3 | (4) | 3.9 | (1.2) | (45.1) | (7) | 1.4 | (49.4) | ||
Corporate | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Adjusted OIBDA | (14.7) | (11.3) | (11) | (9) | (9.8) | (11.1) | (10.2) | (6.9) | (46) | (38) | $ (42.4) | |
Operating income (loss) | $ (20.6) | $ (16.9) | $ (16.5) | $ (14.6) | $ (15) | $ (15.9) | $ (15.8) | $ (11.9) | $ (68.6) | $ (58.6) | $ (62.9) | |
[1] | As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statement of Operations. See Note 6. Goodwill and Other Intangible Assets : Goodwill |
II - Valuation and Qualifying_3
II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts: | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 10.7 | $ 11.5 | $ 9.2 |
Balance Acquired through Acquisitions | 0 | 0 | 0 |
Charged to Costs and Expenses | 5.3 | 1.9 | 4.4 |
Charged to Other Accounts | 0.1 | (0.1) | 0.1 |
Deductions | 4 | 2.6 | 2.2 |
Balance at End of Period | 12.1 | 10.7 | 11.5 |
Valuation allowance on deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 0 | 0 | 0 |
Balance Acquired through Acquisitions | 0 | 0 | 0 |
Charged to Costs and Expenses | 0.4 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | $ 0.4 | $ 0 | $ 0 |
III - Schedule of Real Estate_3
III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)assetdisplay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | $ 1,886.9 | $ 1,886.9 | $ 1,787.3 | $ 1,964.9 | [1],[2] | ||
Accumulated Depreciation | (1,323.2) | (1,280.7) | (1,208.5) | (1,394) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the beginning of the year | 1,886.9 | 1,845.2 | 1,787.3 | ||||
Additions for construction of / improvements to structures | 72.9 | 72.5 | 63 | ||||
Assets sold or written-off | (9.4) | (2.9) | (28.9) | ||||
Foreign exchange | 14.5 | (27.9) | 23.8 | ||||
Balance at the end of the year | 1,964.9 | [1],[2] | 1,886.9 | 1,845.2 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the beginning of the year | 1,323.2 | 1,280.7 | 1,208.5 | ||||
Depreciation | 66 | 69.1 | 76.2 | ||||
Assets sold or written-off | (8) | (2.3) | (24.5) | ||||
Foreign exchange | 12.8 | (24.3) | 20.5 | ||||
Balance at the end of the year | 1,394 | 1,323.2 | 1,280.7 | ||||
United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Gross carrying amount at the end of the year | [2] | 1,655.9 | 1,655.9 | ||||
Accumulated Depreciation | (1,120.9) | $ (1,120.9) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 41,657 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,655.9 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,120.9 | ||||||
Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | $ 0 | ||||||
Gross carrying amount at the end of the year | [2] | 309 | 309 | ||||
Accumulated Depreciation | (273.1) | $ (273.1) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 5,066 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 309 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | $ 273.1 | ||||||
Assets | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Number of assets which exceed concentration risk % | asset | 0 | ||||||
Assets | Maximum | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Concentration Risk, Percentage | 5.00% | ||||||
Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | $ 1,773.7 | $ 1,773.7 | ||||
Accumulated Depreciation | (1,384.7) | (1,384.7) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,773.7 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,384.7 | ||||||
Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,486.8 | 1,486.8 | ||||
Accumulated Depreciation | (1,113.2) | $ (1,113.2) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 39,618 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,486.8 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,113.2 | ||||||
Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 286.9 | $ 286.9 | ||||
Accumulated Depreciation | (271.5) | $ (271.5) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 4,808 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 286.9 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | $ 271.5 | ||||||
Structures Added Prior to 1/1/2014 | Maximum | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Maximum | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 2,039 | ||||||
Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 258 | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | $ 191.2 | $ 191.2 | ||||
Accumulated Depreciation | (9.3) | (9.3) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 191.2 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 9.3 | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 169.1 | 169.1 | ||||
Accumulated Depreciation | (7.7) | (7.7) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 169.1 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 7.7 | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 22.1 | 22.1 | ||||
Accumulated Depreciation | (1.6) | (1.6) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 22.1 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1.6 | ||||||
Advertising structures | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,866.1 | 1,866.1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,866.1 | |||||
Advertising structures | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,559.3 | 1,559.3 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,559.3 | |||||
Advertising structures | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 306.8 | 306.8 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 306.8 | |||||
Advertising structures | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,690.4 | 1,690.4 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,690.4 | |||||
Advertising structures | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,405.7 | 1,405.7 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,405.7 | |||||
Advertising structures | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 284.7 | 284.7 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 284.7 | |||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 175.7 | 175.7 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 175.7 | |||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 153.6 | 153.6 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 153.6 | |||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 22.1 | 22.1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 22.1 | |||||
Land | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 98.8 | 98.8 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 98.8 | |||||
Land | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 96.6 | 96.6 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 96.6 | |||||
Land | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 2.2 | 2.2 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 2.2 | |||||
Land | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 83.3 | 83.3 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 83.3 | |||||
Land | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 81.1 | 81.1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 81.1 | |||||
Land | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 2.2 | 2.2 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 2.2 | |||||
Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 15.5 | 15.5 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 15.5 | |||||
Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 15.5 | 15.5 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 15.5 | |||||
Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 0 | 0 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 0 | |||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 187.5 | 187.5 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 187.5 | ||||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 165.4 | 165.4 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 165.4 | ||||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 22.1 | 22.1 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 22.1 | ||||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 15.5 | 15.5 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 15.5 | ||||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 15.5 | 15.5 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 15.5 | ||||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 0 | 0 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 11.8 | 11.8 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 11.8 | ||||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 11.8 | 11.8 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 11.8 | ||||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 0 | $ 0 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
New Investments | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 25 | 27.2 | 22 | ||||
Redevelopments | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 35.6 | 29 | 23.4 | ||||
Recurring Capital Expenditures | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 10.2 | 12.8 | 13 | ||||
Land Acquisitions | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | $ 2.1 | $ 3.5 | $ 4.6 | ||||
[1] | No single asset exceeded 5% of the total gross carrying amount as of December 31, 2019 . | ||||||
[2] | Includes sites under construction. |